Sectors

 
Knowledge, ideas, and relationships

Since the 1990’s our experienced teams have been advising clients across all main business sectors and geographic regions.

Across various sectors, our clients have learned to rely on our extensive know-how and strategic perspectives to achieve optimal valuations of their ownership as well as how to best position their credit profile to obtain the most favorable debt terms possible.

Software, tech & digitalConsumerHealthcareIndustrialsBusiness services
 

Our core expertise

Nordhaven has a far-reaching network of contacts with key international players – plus solid links to local market players via our partnership with Clairfield International – across the following sectors:

 

Software, tech & digital (Tech)

  • Nordhaven has consistently held top-ranked positions within the transactions in the Tech sector, advising some of the most ambitious company founders and also many top-tier international technology investors.
  • We are particularly well-known for our advisory expertise in software and SaaS business models. Over the years we have gained deep competence in various subsectors including ERP, HCM, Service Management, Adtech/Martech/Paytech, B2C, IoT, and ecommerce.
  • Regarding media, Nordhaven has successfully completed a series of major transactions in digital content and services, content production, events, and marketing.
  • In communication technology our record of transactions ranges from satellite technology and semiconductors to mobile service provisioning and large telecom infrastructure transactions.
Selected transactions
2022
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The deal:
Nordhaven advised fast-growing Neptune Software, backed by Standout Capital, in the sale to Triton
Neptune Software is a global leading low-code platform with 3.5 million end-users. The platform is used by customers such as Vodafone, Johnson & Johnson and Hitachi.

Founded in Norway in 2011, Neptune offers a best-in-class SaaS solution to industrialise the development of custom business applications, saving customers time and money on development, integration and operations.

“Neptune Software has an attractive SaaS business in a segment that has significant growth potential. LCNC platforms could cover some 75 percent of newly developed business applications by 2025, and the fundamental scarcity of IT-talent and need for efficiencies within organisations make LCNC platforms essential going forward. With this investment we aim to back the company´s further commercial development while also expanding its presence in key geographies”, says Per Frankling, Investment Advisory Professional at Triton and member of the TSM II Investment Advisory committee.

Neptune Software today employs about 100 full-time employees across offices in Norway, Germany, the UK, and the USA, and has partners in 40 countries globally.

“Co-operating with an international investor such as Triton enables us to further develop our global business ambitions and scale important parts of our commercial organization while continuing to service our current clients with the existing product range. Furthermore, Triton's deep experience from sectors which are also at the core for us will benefit our future client offering.” says Andreas Grydeland Sulejewski, Co-founder and CEO at Neptune Software.

About Neptune Software
Neptune Software is a rapid application development platform vendor with more than 650 enterprise customers and over 3.5 million licensed end users globally that empowers IT departments to deliver tangible business outcomes. With its Neptune DXP, Neptune Software offers a leading low-code, SAP-centric, enterprise app development platform to digitize and optimize business processes and user interfaces – at scale and with ease.

Neptune DXP provides a fast and cost-effective way to industrialize the development of custom applications – saving companies time and money on development, integration, and operations. More information www.neptune-software.com

About Triton
Since its establishment in 1997, Triton has sponsored ten funds, focusing on businesses in the industrial tech, services, consumer and healthcare sectors. The Triton funds invest in and support the positive development of medium-sized businesses headquartered in Europe.

Triton seeks to contribute to the building of better businesses for the longer term. Triton and its executives wish to be agents of positive change towards sustainable operational improvement and growth.

The 49 companies currently in Triton's portfolio have combined sales of around EUR 18 billion and employ around 104,000 employees. Triton has raised EUR 15.6 billion from 180≈ investors, including public and private pension funds, endowments and sovereign wealth funds.
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2022
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2022
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Nordhaven advised Sogelink, backed by Keensight Capital, in the acquisition of Focus Software
Sogelink joins forces with Focus Software to strengthen its position as a European Construction Technology leader, with the support of Keensight Capital.

Sogelink, a leading provider of software solutions for infrastructure, construction, and property management professionals, acquired Focus Software, a Norwegian leader in Building Information Modelling (BIM) software, to continue reinforcing its leading pan-European construction technology offer.

Established in 1996 and headquartered in Billingstad, near Oslo (Norway), Focus Software is a market leading Building Information Modelling software company. It provides its software solutions to a wide array of clients and over 16,000 users, ranging from private companies (home builders, architects, landscape architects) and engineering consultants in the infrastructure and building sector, to public authorities.

Focus Software is composed of around 50 highly skilled professionals that have developed and integrated various early stages construction design solutions throughout the years. These include software solutions such as applications and cloud-based collaborative tools for such tasks as presenting digital plan data with the authorized and correct geometry, and for preparing land acquisition drawings, tender specifications on graded networks, or building specifications according to specific regulations or frameworks. Since its inception 25 years ago by six co-founders, Focus has grown significantly through strong organic growth. Its customer base is well-developed in the Nordic region, notably in Norway and Sweden.

Fatima Berral, CEO of Sogelink, commented: “Focus Software was a natural fit to complete Sogelink’s offer on the project design segment, which intervenes upstream in the value chain. Together, we share a common client culture oriented towards public authorities, construction companies, architects and civil engineers that will help us develop the Group’s presence in the Nordics. Gaining access to this new geography will allow Sogelink to enter a very dynamic and innovative construction market and to reinforce itself in the engineering & BIM software segment.”

Pål Eskerud, Chief Executive Officer at Focus, added: “We are very proud to integrate the Sogelink Group in which we have found a solid and trusted partner to keep on developing our presence throughout Europe. We believe they are the best fit for us at Focus Software, and we are looking forward to working together and sharing our knowledge to further shape the future of construction technology.”

Jean-Michel Beghin, Managing Partner, & Arjan Hannink, Partner at Keensight Capital, continued: “With this second acquisition, along with the acquisition of LOCATIQS Group, Sogelink is growing at a fast pace to consolidate its position as a real European leader in construction technology. Keensight Capital is proud to have contributed once again to this acquisition process and will continue to support the Group in its future development endeavors."
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2022
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2022
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Nordhaven advised Convert and its owners in the sale to Pearl Group, backed by Norvestor
Convert and Pearl Group have entered into an agreement to form a new e-commerce powerhouse. Combined, Convert and Pearl Group will build a leading e-commerce company combining best-in-class customer journey and technology to ensure customers’ need. The new entity will be named PearlConvert.

PearlConvert will have 110 employees in Oslo, Riga and Gdansk. Pearl Group will after the acquisition have 330 employees in Norway, Sweden, Finland, Latvia, Poland, Ukraine, and Singapore.

“Convert is a company that has proven a lot, to where they have now emerged as a leading player within e-commerce in Norway and delivered a large number of e-commerce solutions to reputable companies such as Bohus, Eplehuset and Bjørklund. However, the most important factor for us at Pearl is the competence and culture we met there. The focus on how we can create value for customers, and a strong culture of innovation and development was an important reason why we found each other", says Geir Thoresen, CEO of Pearl Group.

"I cannot imagine a better partner for Convert than Pearl Group. Together we will offer our customers unique solutions and competitive terms from a professional environment that is stronger than ever. Our employees will have new development opportunities and exciting new challenges", says Torkel Johannessen, CEO of Convert.

Convert is one of the largest agencies within digital commerce in Norway, with over 75 employees. The company delivers market-leading technology and focuses on long-term customer relationships and value creation for its customers. This has resulted in strong and steady growth since its inception in 2015, with a number of widely respected companies on the customer list.

Pearl Group has developed e-commerce solutions for many of the region's most well-known companies. The solutions include sophisticated "click and retrieve" features that were already experiencing strong growth that further intensified during the corona pandemic. The company sees a large and continuously growing market for its services in the Nordic region and has medium-sized and large companies with advanced IT needs as its main target group.

"Pearl Group will grow to a turnover of 1.5 billion NOK by 2026. PearlConvert will be an important part of this development", concludes Geir Thoresen.
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2022
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2021
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Nordhaven advised 1881 Group / Kistefos in the acquisition of Tjenestetorget
1881 Group AS, backed by Kistefos, has signed an agreement to acquire Tjenestetorget AS with affiliates from ABBH AS. Tjenestetorget offers digital pricing comparison services towards customers and generates leads to companies in Norway and Denmark. The transaction strengthens 1881 Group’s position and strategy as the leading provider of directory services via internet. In 2021, Tjenestetorget is estimated to have a turnover of NOK ~110m.

The transaction marks another acquisition where Nordhaven has advised 1881 Group and Kistefos.

About 1881 Group
Norway's leading provider of personal and corporate information (phone numbers, addresses, real estate prices, company financials, etc) – both digital and traditional. Used weekly by more than 1.5-2.0 million Norwegians. Fully owned by the private investment company Kistefos. Revenue 2020 of NOK ~400m and EBITDA of NOK ~95m.

About Tjenestetorget
Tjenestetorget was founded in Norway in 2004 and consists of Tjenestetorget, Anbudstorget, Tjenestetorget Finans and Tjenestetorvet (Denmark). Tjenestetorget delivers leads comparisons on products and services. Since 2004, Tjenestetorget has supported more than 1 million users across Norway and Denmark, collaborating with 500+ suppliers.
“Our most important job is to provide information and help to the Norwegian population and companies. Tjenestetorget with affiliates are strong companies, which fit perfectly with our existing product offering. The interaction will broaden and strengthen our product offering to all our users. We have had strong growth in recent years. Getting 1881 on the team gives us bigger muscles and an incredible number of new opportunities. We are now part of a larger digital and highly innovative environment. We look forward to developing further together.
—  Asgeir Ohr, CEO of 1881 Group & Anders Wetting, CEO of Tjenestetorget
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2021
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Nordhaven advised the fast growing SaaS company Moment in the sale to Monterro
Moment offers a tool for project management, time management, time log, resource planning, quality assurance, and invoicing. It has enjoyed a yearly growth of 50 percent for five consecutive years, and is expected to continue this trend going forward.

“We search for Nordic B2B software companies with potential to become global leaders in their niche, and we’re happy to have found Moment,” says Erik Syrén, partner at Monterro and future Chairman of the board of Moment. “We have a strong belief in the product and the people, and we look forward to working closely to develop the company.”

“Monterro stood out from the rest of the investors”, says Eivind Bøhn, CEO of Moment. “They don’t just offer their capital, but also their expertise. Monterro has extensive knowledge of the software industry — and adds valuable competence. We feel confident in our choice and that our partnership will push us forward and support our growth.”

Moment is well established, with loyal customers in the domestic market and in Iceland as well as in 15 other countries. Its clients include architecture firms, engineers and creative agencies, IT and consultancy businesses, and accounting firms. Moment plans to expand and grow outside Norway.

"Until now, Moment’s good reputation has given us a solid growth in Norway. Our ambition is to be the Nordic leader within a couple of years. We will grow organically or through add-on acquisitions. We’re now establishing a sales organization in Stockholm, and will build an extensive customer base in the Nordics. We’re already seeing the benefits of partnering with Monterro,” says Eivind Bøhn.

Since its founding ten years ago, Moment has focused on building a solution to its customers’ problems. Moment streamlines customers' operations by adding time and focus to core business and delivery items.

Eivind Bøhn continues: “By working closely with our customers, we’ve developed a product that simplifies our customers’ jobs. Our technology integrates with more than 50 systems, allowing users to move seamlessly between them. I’m proud of the good partnership and close co-operation we have with our customers — all of whom appreciate Moment.”

About Moment
Moment develops and offers a market leading software solution that enables users to get control of their projects and resources. Project management, time management, quality assurance, resource planning and invoicing exist in one, easy-to-use system. We let the data flow between the systems of choice and eliminate manual routines. Moment can be integrated with more than 50 systems, and the company works closely together with its customers to get an understanding of their needs and to improve the functionality. Moment’s vision is to be the preferred project management system in the world.

About Monterro
Monterro is a B2B software investor in the Nordics, with a mission to turn Nordic software companies into market leaders and global players within their niches. The team has successfully developed and led companies such as Pointsec, Episerver, Orc Software, Palette, and Lime – and they bring this operational experience to the Monterro portfolio, supporting the companies in all aspects of growth.
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2021
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2021
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Nordhaven advised Finnish Tuxera on the acquisition of Seattle-based Datalight
Nordhaven provided financial advice to Tuxera in the acquisition of HCC Embedded in Hungary. Tuxera is the world-leading storage software and networking technology company, and HCC Embedded is the Hungarian developer of embedded file systems, flash management, and network data transfer software.

After the acquisition Tuxera offers the most comprehensive range of software and services for managing data as it is stored, used, and moved in and between embedded systems. The acquisition deepens Tuxera’s commitment to deliver reliable data management solutions in a world increasingly fueled and vitalized by data. HCC Embedded will officially operate as Tuxera Hungary Kft.

Nordhaven also advised Tuxera in the acquisition of Datalight, a North American developer of embedded file systems, in 2019. Tuxera Group revenues were 18 MEUR and EBITDA 5 MEUR in FY 9/2020.
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2021
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Nordhaven advised Procuritas in creation of new IT services platform in Finland
Nordhaven advised Procuritas and its portfolio company Frendy, the Finnish IT services platform, in Frendy’s first add-on acquisition, three months after the company’s creation through the acquisition of twelve businesses. The acquisition of Wisdomic brings Frendy’s combined turnover to around €50 million with 220 employees.

Wisdomic is a Finnish IT services company employing around 60 people with offices in Kaarina, Vantaa and Seinäjoki and a data centre in Vantaa. Its offering is focused on cyber security services, cloud and data centre solutions, equipment, and user support services, as well as IT infrastructure maintenance and monitoring.

Nordhaven also acted as exclusive financial advisor to Procuritas and Frendy in the creation of the platform with 12 simultaneous acquisitions in June 2021.

Nordhaven advised Procuritas and its portfolio company Frendy, the Finnish IT services platform, in Frendy’s first add-on acquisition, three months after the company’s creation through the acquisition of twelve businesses. The acquisition of Wisdomic brings Frendy’s combined turnover to around €50 million with 220 employees.

Wisdomic is a Finnish IT services company employing around 60 people with offices in Kaarina, Vantaa and Seinäjoki and a data centre in Vantaa. Its offering is focused on cyber security services, cloud and data centre solutions, equipment, and user support services, as well as IT infrastructure maintenance and monitoring.

Nordhaven also acted as exclusive financial advisor to Procuritas and Frendy in the creation of the platform with 12 simultaneous acquisitions in June 2021.
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2021
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2021
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The deal:
Nordhaven advised the owners of the Palmesus Festival in the sale to Superstruct Entertainment
Nordhaven advised the owners of the Palmesus Festival in the sale to Superstruct Entertainment

The Palmesus festival – Scandinavia’s biggest beach party – has been acquired by Superstruct Entertainment, a live entertainment consortium. Simultaneously, Nakatomi Enterprises, the owners of Palmesus AS, has reinvested a significant amount into Superstruct Entertainment.

About Palmesus:
Founded as a small ‘friends-of-friends’ party in 2009, Palmesus has grown into the biggest beach festival in Scandinavia – located on the beach right in the city center of Kristiansand in southern Norway, with more than 40,000 guests in 2019. The festival has not been held since 2019 due to COVID-19 restrictions. In 2019 Palmesus, through the festival and other year around events, generated revenues of NOKm ~80 with EBITDA of NOKm ~14. Making Palmesus one of the few festivals in Norway that generates a significant profit. The Palmesus owner, Nakatomi Enterprises, is owned by Leif Fosselie and Lund Gruppen.

About Superstruct Entertainment:
Superstruct is a private equity backed group that owns several festivals and live entertainment events, mainly in Europe. Superstruct’s Nordic music festival portfolio includes the Oslo based Øya-festivalen, Helsinki based Flow-festival and Northside and Tinderbox being held in Denmark (Aarhus and Odense, respectively). Superstruct is backed by the leading private equity firm Providence Equity.
By becoming a part of the Superstruct consortium, Palmesus will benefit from strengthened solidity, which both the festival and the festival guests will benefit from in years to come. We are simply moving from owning a big share of something a little smaller, to owning a smaller share of something very big.
—  Leif Fosselie, founder and CEO of Palmesus
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2021
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2021
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The deal:
Nordhaven advised Procuritas and its portfolio company Frendy, the Finnish IT services platform, in Frendy’s first add-on acquisition, three months after the company’s creation through the acquisition of twelve businesses. The acquisition of Wisdomic brings Frendy’s combined turnover to around €50 million with 220 employees.

Wisdomic is a Finnish IT services company employing around 60 people with offices in Kaarina, Vantaa and Seinäjoki and a data centre in Vantaa. Its offering is focused on cyber security services, cloud and data centre solutions, equipment, and user support services, as well as IT infrastructure maintenance and monitoring.

Nordhaven also acted as exclusive financial advisor to Procuritas and Frendy in the creation of the platform with 12 simultaneous acquisitions in June 2021.
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2021
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2021
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Nordhaven advised Ryde and its founders in the majority sale to Equip Capital
Ryde is the only major Norwegian e-scooter operator. The company was established in 2019 and has in a short period of time become the market leader / one of the market leaders in Stavanger, Trondheim, Bergen, Kristiansand, and Oslo.

Micromobility, including e-scooters, has the recent years had an explosive growth and is expected to continue to grow going forward. Among many use cases, micromobility services increase access to public transportation, reduce the amount of cars on the road, lower our environmental footprint, and provide convenient methods of transportation for short trips — all while being cost effective.

“We are challenging the major international e-scooter operators, this requires both capital and professional owners. With Equip on the team we will continue and accelerate our strong growth and market presence", says Johan Olovsson, one of the founders of Ryde.

“Our clear ambition is for Equip and Ryde to professionalize the industry. We will work closely with municipalities and authorities to facilitate micromobility in a responsible manner. At the same time, we expect that the industry will be provided reasonable conditions to operate", says Sverre B. Flåskjer, Managing Partner at Equip Capital.

In 2020, Ryde had a turnover of NOK 45 million and is set out to triple the turnover in 2021. Equip Capital is now acquiring a majority shareholding in the company. The three founders, who established the company in 2019, will continue in Ryde and maintain as significant minority shareholders.

About Equip Capital:
Equip Capital is a Nordic private equity firm focusing on investments in small and mid-sized companies. The team has extensive investment experience across the consumer, industrials, and business services sectors, and combines its experience, energy, and dedication to ensure success in building better companies and generating strong returns.
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2021
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Nordhaven advised OSE-Listed Techstep ASA (TECH) on the acquisition of Famoc S.A
“Acquiring Famoc, its software, systems and European operations makes perfect sense. The transaction strengthens our all-in-one Managed Mobility Services solutions for enterprises in the Nordics, it unlocks a European growth opportunity and should strengthen our financial performance going forward” says Jens Haviken, Techstep CEO.

As of February 2021, Famoc has an ARR of NOK 26 million, a 19% recurring revenue CAGR, and an LTM EBITDA margin of 23%. Famoc will be acquired at an enterprise value of NOK 103 million (PLN 47 million), which corresponds to an EV/ARR multiple of 3.96x

Techstep’s Managed Mobility Services (MMS) solution is delivered via an as-a-service model to reduce complexity and cost and increase the value of mobility for enterprises. The Famoc acquisition reduces third party software dependence and provides software and systems that strengthens Techstep’s capabilities within Platform Management. Combined with Techstep’s established capabilities within Asset Management and Advisory Services, Techstep can offer customers a complete and automated MMS solution that provides control, security, compliance and lifecycle management – all on one Techstep dashboard.

The transaction will be financed by raising NOK 100 million of new equity in Techstep, fully underwritten by the largest existing shareholders, Datum AS, Middelborg Invest AS and Karbon Invest AS, and a NOK 34 million acquisition loan.

The transaction marks the third acquisition where Nordhaven has advised Techstep.

About Techstep
Techstep is purpose-built to become a leading Managed Mobility Services provider in the Nordics. Techstep combines device management, software, hardware and connectivity into a managed service. This enables enterprises and their employees to do their work across mobile devices and locations, with a high degree of security and operational stability. Techstep has 300 employees based in Norway, Sweden and Denmark, serving 550+ enterprise customers across various industries in the private and public sectors. The company is listed on the Oslo Stock Exchange.
For more information, please visit www.techstepasa.no.

About FAMOC
Famoc was founded in Poland in 2006 with offices in Gdansk and Warsaw. Famoc delivers software solutions for mobility management to SMEs and enterprises via channel partners, and offer products within the categories Software to manage mobile devices and secure mobility in business, Security software to defend confidential data, and Software that locks down the devices of users with overdue payments.
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2021
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Helsetelefonen is a leading Norwegian telehealth provider with more than 15 years track-record. Helsetelefonen has had 1,000,000+ online consultations with 1,500,000+ households connected to the service through several of the largest insurance companies in Norway.
We found the best partner in Volvat. As an integral part of the highly skilled medical community in Volvat, Helsetelefonen is convinced that existing services will be even better. Together, we will develop new, good and innovative e-health services for the benefit of a unified health Norway.
—  Jan Einar Vaage, CEO of Helsetelefonen
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2021
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Nordhaven Corporate Finance acted as exclusive financial advisor to Motimate in the sale to OSE-listed Kahoot!
Nordhaven Corporate Finance acted as exclusive financial advisor to Motimate's founders and shareholders Investinor, Rema 1000, Aller Media and Stayer Invest. Nordhaven Corporate Finance also advised Motimate when the company raised growth capital from external investors in 2019.

The acquisition is a part of a strategy to accelerate Kahoot!’s employee engagement product development and expand its product road map further. The addition of Motimate will add valuable new team resources to the Kahoot! Group, including additional enterprise sales resources and a strong product and technology team. Synergies between the Motimate platform and Kahoot!’s global reach also represents considerable potential for Motimate’s international expansion.

Kahoot! has acquired 100% of the shares in Motimate AS for a consideration reflecting an enterprise value (EV) of USD 25 – 27 million on a cash and debt-free basis, including a 2021 performance-based element, representing an approximate 5x multiple on annual recurring revenue (ARR) target for 2021. The settlement will be a combination of cash and Kahoot! shares.
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2021
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Nordhaven advised Abry-backed Confirma Software in the acquisition of Tietoaika
Nordhaven continued as financial advisor to Swedish Confirma Software in its latest transaction in Finland, i.e., the acquisition of Tietoaika providing Domus ERP software solution for administration of real estate management companies and housing associations. Tietoaika also operates Huoneistotieto.fi solution, an information platform for owners, residents and board members in building societies. With the acquisition of Tietoaika, Confirma Software has pro forma LTM revenue of over € 35 million and more than 250 employees.

Confirma Software was founded in 2019 by Abry Partners, a US-based private equity fund, to consolidate enterprise software companies with specialized offerings for SME customers throughout the Nordic countries. Nordhaven and other Clairfield Nordic offices have been advising Confirma Software since its first acquisition and have now completed seven transactions jointly.
Nordhaven’s effort was once again of the highest quality and enabled us to complete the transaction efficiently. Their contacts and knowledge of the Nordic software sector has proved instrumental for us in realizing the growth strategy.
—  Jarle Mørk, CEO of Confirma Software
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2021
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2021
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Xplora Technologies AS has entered into an agreement to acquire its Nordic distributor and MVNO, Xplora Mobile Holding AS, in order to set the stage for accelerated revenue growth within kids’ smart watches, mobile subscriptions and premium services.

"We are thrilled to be part of the Xplora Technologies team, to leverage on the strength of the joint offerings and eager to roll out new exciting premium services to our large and growing subscriber base. We know each other well from years of collaboration, and are confident that the combination of our innovative, opportunistic and ambitious teams will create magic together", says Kjetil Fennefoss, CEO of Xplora Mobile».

Xplora Mobile Holding AS as the #1 MVNO in the Nordics for children’s watch phones, through the group generated sales of NOK 160m (+168%) with reported EBITDA NOK 4.8m in 2020 (unaudited). The group’s recurring subscription revenues were NOK 60m in 2020 (+119%). The company has ambitious targets of more than NOK 100m in recurring subscription revenues in 2021.

"With this acquisition we can quickly establish new recurring revenue streams (ARR) from a large and profitable customer base in the Nordics. The two companies have a long history of close collaboration and there are strong synergies between us. We can leverage on this by launching new premium services to the mobile subscriber base and seek to extend our offering and value proposition to Xplora Mobile´s partners. The acquisition will provide us with important learnings and insight to build internal competence for the upcoming launch of mobile subscriptions and premium services on the global market", says Sten Kirkbak, CEO of Xplora Technologies.
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Nordhaven advised Alma Media in the acquisition of DIAS
Nordhaven advised Alma Media in the acquisition of 75% shareholding in digital housing transaction service DIAS Oy.

Founded in 2018, DIAS is a digital housing trading platform for the residential real estate market connecting buyers, sellers, real estate agents and banks. DIAS is one of the first distributed ledger technology (DLT) services to be completed in Finland. In 2020, the company’s turnover will amount to approximately EUR 2 million.

The purchase price is EUR 14.3 million (75.5% of the Enterprise Value). The parties have also agreed on a potential earn-out linked to the future development of DIAS’s business operations and profitability. Alma Talent acquired the shares from Tomorrow Tech, the co-founder and current majority shareholder of DIAS as well as the founding banks OP, Danske Bank A/S, Aktia Bank Abp and S-Pankki Oyj. After the transaction Alma Talent owns 80.5 per cent and the aforementioned banks retain 19.5 per cent of the company’s share capital.
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2020
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2020
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Nordhaven Corporate Finance acted as exclusive financial adviser to Ekstralys in the sale to Röko
Röko has acquired Ekstralys AS, an e-commerce retailer based in Lindesnes, Norway.

Ekstralys is a leading e-commerce company in Norway within vehicle lighting and the company has during the last two years expanded to Sweden, Denmark and Finland. Ekstralys’s scalable setup and tech-oriented operation have allowed for profitable, +35%, annual growth.

Ekstralys was founded in 2004 and has been managed by the founder who will continue as Managing Director.

About Röko
Röko is a Swedish based investment firm with 270 MEUR in committed capital. With ambition to be a true long-term owner of European small and medium sized business. Röko has local presence in Sweden, Norway, and Germany.
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2020
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The total purchase price is SEK 200 million on a cash and debt free basis, payable through a combination of cash, equity and seller’s credit.

Optidev is a fast growing and profitable company which is expected to generate SEK 205 million in revenues in 2020 with a gross profit of SEK 113 million and EBITDA of SEK 36 million. Additionally, Optidev has an annual recurring revenue (ARR) from own developed software of SEK 22 million as of 30 June 2020, increasing Techstep's ARR by 60% to NOK ~60 million.

The combined company will be a leading IP and software-focused provider of deskless technology which help companies transform their capabilities by making work mobile, with strong established positions in Norway and Sweden, and a growing presence in Denmark. The acquisition is in line with Techstep’s communicated Nordic growth strategy.

About Techstep
Techstep is purpose-built to become a leading Managed Mobility Services provider in the Nordics. Techstep supplies hardware, software, connectivity and mobile device management bundled as a managed service. This enables enterprises and their employees to do their work across mobile devices and locations, with a high degree of security and operational stability. Techstep has 210 employees based in Norway and Sweden, serving close to 4,000 customers and 210,000 recurring revenue end-users across various industries in the private and public sectors. The company is listed on the Oslo Stock Exchange.

About Optidev
Optidev is a leading Nordic supplier of turnkey mobility solutions with focus on transportation and logistics and public safety sectors. The solutions include both software and hardware, enabling mobile access to mission critical information with automated data capture and traceability in real time. Optidev has 85 employees working from its offices in Sweden, Norway and Denmark. The company was founded in 2000.
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2020
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Nordhaven continued to act as financial advisor to Swedish Confirma Software in its latest acquisition in Finland i.e. the acquisition of SKJ Systems, a Finnish provider of Point-of-Sales (POS) systems under Jeemly and Flowvy brands. Simultaneously Capillar Adivisory, our Swedish partner firm in Clairfield International, advised Confirma to acquire DataVara, a provider of payroll systems for the Swedish SME segment.

Confirma Software was founded in 2019 by Abry Partners, US-based private equity fund with deep sector knowledge in business and information services. Since their founding in 1989, Abry has completed over 550 transactions and currently manages over $5.0 billion capital across their active funds.

Confirma Software has strategy to consolidate enterprise software companies with specialized offerings for SME customers throughout the Nordic countries. Nordhaven and Clairfield have been advising Confirma Software since its first acquisition and have now completed six transactions jointly.
Advisory work by the Nordhaven and Capillar teams was of the highest quality and enabled us to complete the transactions efficiently and expectedly. Their contacts and knowledge of the Nordic software sector has been instrumental for us in realizing the growth strategy” says Jarle Mørk, CEO of Confirma Software.
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2020
Advisor to
backed by
on the acquisition of
2020
Advisor to
on the sale to
The deal:
The acquisition enables a leading provider of digital solutions within speech recognition, documentation and transcription services to the Nordic health care industry, to increase the work efficiency of health personnel and free more time for direct patient care.

Max Manus Group is the leading Scandinavian distributor of speech recognition solutions for healthcare professionals, providing customized speech recognition and digital dictation solutions to hospitals in Norway, Sweden, and Denmark. Max Manus’ operational business is structured through the companies, Max Manus AS (Norway), Max Manus AB (Sweden) and Max Manus A/S (Denmark). The companies have historically not been consolidated, which has caused certain transactional obstacles for Management and Nordhaven to overcome.

“The spread of COVID-19 has increased the load on the healthcare system in all the Nordic countries. Efficient digital solutions as we provide, contribute to increase the capacity and therefore increase the ability to handle crisis situations. We see great opportunities going forward to help the healthcare system further free capacity, and at the same time relieve health care personnel which experience pressured working environments, also under more normal circumstances than what we have today” – Martin Elster, CEO Max Manus.

“We aim to be the Nordic-leader in liberate healthcare personnel’s time for direct patient care. Today, only 30% of healthcare personnel’s time is used on direct patient supervision. Our ambition is to double time for direct patient supervision from today’s levels by supplying transcription and speech recognition solutions. Specifically, this relates to enabling digitalization and usage of AI technology” – Henric Carlsson, CEO Conscriptor.

“There is a potential for an increase in efficiency in the Nordic healthcare sector, and we believe that administration and process handling will be further digitalized. We believe that Max Manus and Conscriptor possess the knowledge and solutions within documentation and transcription that will contribute to fundamental changes of administrative processes in the healthcare sector. The solutions will at the same time liberate time for direct patient care for doctors and other healthcare personnel” – Bjarne Lie, Managing Partner Verdane.

About Verdane

Verdane is a specialized growth investor cooperating and investing in ambitious, Northern European, technology companies, supporting further international growth. With a total of more than NOK 17 billion of committed capital, Verdane funds have invested in more than 120 companies in the growth sectors, including high-tech industrials, e-commerce, software, energy- and resource-efficiency and financial services. Verdane has more than 50 employees and offices in Berlin, Copenhagen, Helsinki, London, Oslo and Stockholm.

About Conscriptor

Conscriptor is Sweden’s largest supplier of journal documentation services and dictation solutions for hospitals and clinics. Conscriptor was founded in 2006 in Orust, Sweden and today employs more than 200 people. Conscriptor is behind, amongst others, Europe’s most popular dictation app within the health care sector, MedSpeech, and today handles approximately 10% of all journal documentation in Sweden.

About Max Manus

Established in 1946 by the Norwegian WWII hero Max Manus, the company initially sold office supplies, however developed to be a leading provider of speech recognition and dictation solutions in Scandinavia. Their speech recognition solution is currently used by more than 10,000 healthcare professionals and the digital dictation platform has over 20,000 users. Today Max Manus is present in Denmark, Norway and Sweden, and have more than 50 employees located in their offices in Oslo, Århus, Copenhagen and Gothenburg.
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2020
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on the sale to
2020
Advisor to
on the sale to
The deal:
Nordhaven Corporate Finance acted as exclusive financial adviser to the management and owners of Holte in the sale to Francisco Partners’ Danish portfolio company EG.

The acquisition is part of an ambitious EG-strategy to digitize the construction industry in Scandinavia. “By combining EG's and Holte's product portfolio we can deliver the best solution to manage the complex processes and data flow within the construction industry”, says Mikkel Bardram, CEO at EG.

Holte is the Norwegian market leader within workflow management software for the building construction industry with solutions that assist construction companies to manage all steps of a construction process from project calculation to complete documentation and follow up. Holte delivered strong and stable revenue growth, with high and increasing SaaS revenue and a solid EBITDA margin.

“EG and Holte are both experts within the construction industry and offer a broad set of modules in an integrated software platform. We transform complex processes into simple intuitive solutions for our customers. By combining the strengths of EG and Holte we create a true Scandinavian champion within software solutions for the entire construction sector”, says Jesper Andersen, EVP, EG Private.

“We see EG as an ambitious strong owner who will invest in the continued development of Holte's solutions in an international market. There is a great potential for a comprehensive digitalization in the construction business”, says Eilif Holte, founder of Holte.

“EG and Holte are a perfect match and our already existing collaboration shows good cultural fit. We share the same focus on long-term customer relationships and high customer satisfaction”, says Aleksander Bjaaland, CEO at Holte.

About Francisco Partners
Francisco Partners is a leading global private equity firm which specializes in investments in technology and technology-enabled businesses. With over $15 billion of capital raised to date, Francisco Partners is one of the largest and most active technology-focused private equity firms in the world.

About EG
EG is a Scandinavian software company with more than 1,000 employees working from 15 skill centers in Scandinavia and Poland. We develop, deliver and service our own software for more than 9,500 private and public clients.

About Holte
Holte is a Norwegian leading supplier of software, services and courses within disciplines such as HSE, quality assurance, building permit applications, estimation, third party control, management, operation and maintenance (MOM) and project management. Holte was established in 1987, has 135 employees and offices in Oslo, Trondheim, Tønsberg og Gdansk.
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2020
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on the sale to
2020
Advisor to
and its owners on the sale to
The deal:
Nordhaven Corporate Finance advised Finnish Point Group and its owners on the sale of the company to Arkance, a subsidiary of French Groupe Monnoyeur. Sellers in the transaction were Point Group’s management and key employees as well as Ramboll.

Point Group provides planning and information management software solutions for the built environment. Civilpoint, a subsidiary of Point Group, was the first to introduce BIM for Finnish infrastructure projects and today holds a significant share of the Finnish CAD/BIM market for infrastructure construction. Point Group has revenues of 8 million euros and 40 employees.

Groupe Monnoyer, a French family business founded in 1906, is a leading retailer and wholesaler of machinery and services for industry and construction. Its Arkance division has the vision to become as the European leader in the market for Infrastructure and building construction technologies, including software for all phases of the construction project lifecycle.
“Nordhaven expertise and commitment to our goals was superior. The sales material was of the highest quality, the process management was appreciated by all parties involved and the outcome to the sellers was very satisfactory” says Mikko Leppänen, Chairman of the Board at Point Group.
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2020
Advisor to
and its owners on the sale to
2019
Advisor to
backed by
on the merger between
and Proximo Norge
The deal:
Nordhaven acted as exclusive financial advisor to Kistefos/NexGenTel in the merger between Proximo Norge AS and Bitpro AS

IT management services firm Bitpro AS to merge with the Tech player Proximo Norge AS. The transaction is the first step in the strategy to build a leading supplier of cloud-based IT communication and security solutions.

Total revenue 2019 of the two companies will amount to MNOK 260 with profitable margins. Kistefos will maintain as majority owner with an 84.8% stake. Shareholders of Bitpro will reinvest large parts of their proceeds and majority seller Trond Bjorvand will enter as new CEO of merged entity January 2020.

«Proximo and Bitpro will continue building on our extensive growth potential after the merger, in addition to realizing synergies between the two. Our continuous efforts in helping client implementing and utilizing modern cloud solutions as part of their daily business processes will be a key focus going forward» says Trond Bjorvand.

About Proximo
B2B vendor of broadband, datacom and telephony.
11 000 customers served by 40 employees located in Bergen and Oslo. Subsidiary of NextGenTel owned by Kistefos.

About Bitpro
National supplier of B2B cloud-based IT management services located in Kristiansand. Among others the first supplier in Norway of Private Cloud solutions from inhouse data centers in 2008. 150 clients served by 20 skilled employees.
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2019
Advisor to
backed by
on the merger between
and Proximo Norge
2019
Advisor to
on the sale of
to
The deal:
Nordhaven Corporate Finance acted as exclusive financial adviser to Viking Venture in the sale of Asolvi to Volpi Capital. Asolvi is a European leader in field service management solutions, and Volpi Capital is a specialist European mid-market investor.

The investment will enable Asolvi to continue its expansion across Europe, with the company already having acquired five companies (Tesseract, WS Software, Purpose Software, Vantage Computing, and PC Data) since 2016. The Group is now poised for further growth outside of its core Nordic market
and well capitalized to expand organically and through acquisitions across Benelux, Germany and the UK.

Asolvi is a leading provider of service management software for small and medium-sized enterprises (SMEs) in the field service industry in Europe, employing more than 100 staff in ten offices across Europe. The company was founded in 1991 as Evatic AS in Trondheim, Norway, and has grown organically and through recent acquisitions to reach 1,500+ customers in 30+ countries. It is headquartered in Trondheim, Norway, and is a private company owned by the founders, management, Viking Venture and Volpi Capital.

Volpi Capital is a specialist European lower mid-market private equity firm. Volpi has a thesis-driven approach targeting ambitious businesses using enabling technologies to disrupt traditional B2B value chains. Volpi typically invests €25-75 million of equity in businesses with enterprise values between €50 million and €200 million and seeks to drive transformative growth through international expansion and consolidation. The firm, which was founded in 2016 by Crevan O’Grady and Marco Sodi, closed its first fund (Volpi Capital Fund I) in April 2018 with commitments of €185 million.

Asolvi CEO Pål M. Rødseth comments, “We are very excited to have Volpi Capital on board, with their investment enabling us to focus on expansion and further acquisitions, particularly across the UK, Germany, and Benelux regions. The market remains very fragmented with a number of niche players, but thanks to this investment we are in a prime position to bring some much-needed consolidation and become the leading provider of field service management systems for SMEs in Europe.”

Commenting on the transaction, Marco Sodi from Volpi Capital, said: “We are delighted to have the opportunity to work with Asolvi as they consolidate their market-leading position across Europe. The business perfectly aligns to our investment thesis of backing businesses harnessing technologies to improve productivity and efficiency within B2B value chains. Having already expanded successfully into multiple geographies, we see great potential to further internationalize Asolvi into Benelux, Germany and the UK, and look forward to supporting management to strengthen the business’ geographic footprint.”

Partner in Viking Venture and Chairman at Asolvi, Jostein Vik comments: “As the leading Nordic software investor, we at Viking Venture have backed
Asolvi´s growth through acquisitions in the Nordics and UK. Together with Volpi Capital we will continue to support the company consolidating a
fragmented software segment in Europe.”
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2019
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on the sale of
to
2019
Advisor to
on the sale to NYSE listed
The deal:
Nordhaven Corporate Finance acted as exclusive financial advisor to the shareholders of Syscom in the sale to DXC Technology, a Fortune 500 company.

Syscom is an independent provider of service management and security operations solutions and consulting. DXC Technology is an American multinational provider of B2B IT services with an enterprise value of NOK 150 billions. DXC Technology was founded in 2017 as the result of the spin-off of Hewlett Packard and its merger with Computer Sciences Corporation (CSC).

“We have grown Syscom with strategic and dedicated focus on driving customer innovation through service management and security operations skills, management consulting capabilities, talent development and automation,” said Pål Nome, CEO, Syscom. “In joining DXC Technology, our focus and foundation becomes even stronger, while getting global presence and profound product development and innovation. We believe that we have provided the best possible future for both our customers and employees.”

“The acquisition of Syscom greatly enhances DXC’s capabilities within service management and security operations in Norway,” said Joergen Jakobsen, vice president, Northern Europe, DXC Technology. “The addition represents another significant investment for DXC in the Nordics. In Syscom, DXC gains a strong, skilled workforce and a solid customer base – which will further extend DXC’s position as a leading IT-service provider in the Nordics.”

About Syscom:
Syscom is an independent provider of service management and security operations solutions and consulting. Through Syscom’s professional services practice they have driven customer innovation, workflow automation in a secure manner for Norway’s enterprise market for both the private and public sector. Syscom’s strategical technology partners are; ServiceNow, Splunk, BMC and Symantec.

About DXC Technology:
DXC Technology, the world’s leading independent, end-to-end IT services company, manages and modernizes mission-critical systems, integrating them with new digital solutions to produce better business outcomes. The company’s global reach and talent, innovation platforms, technology independence and extensive partner network enable more than 6,000 private- and public-sector clients in 70 countries to thrive on change.


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2019
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on the sale to NYSE listed
2019
Advisor to
backed by
on the aquisition of
The deal:
Nordhaven acted as exclusive financial advisor to Confirma Software, backed by Abry Partners, in the acquisition of Compilo AS

Confirma Software is pleased to announce the acquisition of Compilo AS, their fourth transaction in the Nordic enterprise software market.

“The acquisition of Compilo significantly strengthens our presence in the public sector vertical. With this acquisition, we now serve more than 330 Nordic municipalities with critical management systems. We look forward to supporting the Compilo management team in expanding their presence across the Nordic market, and to introduce our existing public sector solutions to the Compilo customers”, says CEO Jarle Mørk of Confirma Software.

With the acquisition of Compilo, Confirma Software will have 2019 revenue of more than 18 MEUR and 132 employees.

Compilo AS is a provider of quality management solutions for the municipal sector. The systems support the implementation and review of required procedures and processes in operating a municipality. In using Compilo´s solutions, the municipalities are compliant with laws and regulations. The systems are currently supporting the operation of more than 220 municipalities.

Confirma Software is a provider of vertical enterprise software solutions across the Nordics. The subsidiaries continue independent operations under current management. Confirma Software will drive value generation through sharing of best practices and resources across the target companies. The company is headquartered in Stockholm. The majority investor in Confirma Software is Abry Partners.

Abry Partners is one of the most experienced and successful sector-focused private equity investment firms in North America. Since their founding in 1989, the firm has completed over $80 billion of leveraged transactions and other private equity or preferred equity placements. Currently, the firm manages over $5.0 billion of capital across their active funds.
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2019
Advisor to
backed by
on the aquisition of
2019
Advisor to
in connection with its private placement
The deal:
Nordhaven Corporate Finance acted as financial adviser to the shareholders of motimate™ in connection with its private placement.

motimate™ is an award-winning SaaS-solution making internal communication and corporate training fun and easy. motimate™ will simplify your workday through effective internal communication, strong cultural development, simplification of everyday tasks and engaging mobile training.

motimate™ is a SaaS solution that's a perfect fit for every company. Over 70 companies and organisations in Europe are users of motimate™. Since the inception in 2017, the number of users have reached more than 24 000 monthly subscribers.

About the new investors:

Investinor is an evergreen investment company funded by the Norwegian government with MEUR 470 under management. In addition, Stayer Invest and a private investor participated in the private placement.

The new investors will be joining Aller Media, Rema 1000 Norge, the founders and employees, as shareholders in motimate™.
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2019
Advisor to
in connection with its private placement
2019
Advisor to
on the sale to
The deal:
Nordhaven Corporate Finance acted as exclusive financial advisor to One Voice AS and its shareholders in the sale to F24 AG, a portfolio company of Armira Partners. One Voice is the leading SaaS provider of incident and crisis management solutions in the Nordic region. By joining forces, One Voice and F24 will become the undisputed market leader within incident and crisis management solutions in Europe.

One Voice was founded in 2006 in Trondheim, Norway. The flagship product, CIM, enables organisations across a multitude of industries to take care of its values and reputation before, during and after an incident. In 2017 One Voice acquired AI Control Point UK and opened its international office in London.

F24 was founded in 2000 and is headquartered in Munich, Germany. F24 supports companies and organisations in more than 80 countries with its subsidiaries and branches in 11 locations. Around 1 700 customers rely on the solutions of F24 to manage their communication requirements as part of the daily communication of critical and confidential information or in the event of a crisis. Armira Partners Germany is the majority shareholder of F24 and was advised by Raymond James in the transaction.

By joining forces, F24 further strengthens its leading Pan-European market position in the field of emergency notifications, crisis management and critical communications. By acquiring 100% shares of One Voice, F24 increases its existing customer base to 2 500 by adding over 700 customers from One Voice in the Nordic countries and United Kingdom. Collaborating with One Voice accelerates F24’s growth plan as part of the 1st phase of their buy-and-build-strategy.

The founders of One Voice, Frode Lien Otnes and Kjetil Mollan will continue their work and play an important role in creating a common future, in addition to re-invest a significant part of their proceeds

“As a new member of the F24 family, we are delighted to actively shape the future together and to further develop solutions that fully meet the growing requirements of all our customers.” says Frode Lien Otnes, founder of One Voice and CEO.

Founder and international business director of One Voice, Kjetil Mollan, adds: “What unites us is, amongst others, our approach to work very closely with our customers. Our aim is and always will be to offer our customers highest quality services – together with the F24 Group we will not only continue this work but be able to extend it even further.”

Dr. Jörg Rahmer, spokesperson of the F24 executive board and responsible for strategy, product and operations, states: “We are delighted to welcome One Voice AS to the F24 family. One Voice’s main product CIM not only extends our product portfolio but is also a next and significant step on our journey of establishing the leading pan-European crisis management and emergency notification platform.”
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2019
Advisor to
on the sale to
2018
Advisor to
on the sale to
The deal:
Private equity fund Verdane Edda acquires and merges the two leading Nordic HCM software players - Webcruiter AS and HR Manager AS. Nordhaven Corporate Finance advised the owners of Webcruiter in the sale of their shares to the new group.

HR and recruitment are areas of increasing importance to corporate strategy, and is as much a "retain and develop" knowledge field as recruitment of the best talents out there. Having the right tools at hand for this job is imperative.

"HR Manager and Webcruiter are both very interesting companies with highly modern solutions developed by very skilled teams. The combination of the two will be able to offer even better products and services to new and existing clients throughout the Nordics. We look forward in supporting them in their Nordic expansion with our expertise, network and experience." - Johnny Rindahl (partner Verdane).

Webcruiter AS
Leading Norwegian provider of born cloud recruitment software. 30 employees in Oslo serving 400 clients both within the public and private market. Software handling +1.9 million applications annually from 120 countries world wide. Core strength is integration with other public systems required. Revenue 2018 of MNOK 49 with a large portion of recurring revenue (+85%). New and modern technology platform launched during 2017/2018.
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2018
Advisor to
on the sale to
2018
Advisor to
on the acquisition of
The deal:
1881 Group acquires Idium AS and secures the #1 position in Norway within corporate web-pages. Nordhaven Corporate Finance assisted the management and owners of 1881 Group in the transaction.

"This is a perfect match. With the combination of Idium and Develo 1881 we have a portfolio of 4 000 web-pages and by that a clear market leader. The acquisition will strengthen our competence within digital marketing, and completing our online service offering to corporations" - Asgeir Ohr (CEO 1881 Group AS)

"The acquisition of Idium is an important step for 1881 Group enabling them as a full scale service provider to the SMB market" - Gunnar Jacobsen (Investment Director Kistefos)

Idium AS
Digital marketing agency serving the Norwegian SMB market with both marketing advisory and web-page services. Revenue 2017 of MNOK 66.

1881 Group AS
Norway's leading provider of personal and corporate information (phone numbers, addresses, real estate prices, company financials, etc) - both digital and traditional. Weekly used by more than 1.4 million Norwegians. Fully owned by the private investment company Kistefos. Revenue 2017 of MEUR 38.

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2018
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on the acquisition of
2018
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on the sale to
The deal:
About Triangel Solutions:
The company was established in 1999 and has since then been a success in the market by offering innovative cloud solutions for time- and resource management both in the private and public sector. Triangel Solutions develops solutions which automate time consuming and complex work processes and has over 500 clients and 100.000 users in a range of industries. The company has 23 employees and is headquartered in Molde, Norway.

"We are very happy with Triangel Solutions becoming part of Visma. Their innovative cloud solutions and expert competence within time- and resource management is an important strategic addition to Visma and complements our existing service in an excellent way. The company’s vision on automation and simplification of work processes corresponds well with Visma’s strategy and plan for the future, says Nils Vold, Division Director Visma Enterprises."

"The fact that Triangel Solutions’ expertise is becoming part of a larger and international development environment in a client-oriented technology company like Visma, is crucial to ensure a sustainable development of our innovative solutions. That Visma already is so familiar with the client segments we focus on is decisive to new and existing client needs and the requirements for future development and delivery, says Jan Eirik Grøset, CEO of Triangel Solutions AS."
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2018
Advisor to
on the sale to
2018
Advisor to
on the sale to
The deal:
Nordhaven Corporate Finance advised the owners in Sherpa Consulting on the sale to listed Nordic consolidator Atea ASA (ATEA:NO). Sherpa Consulting is one of the largest independent providers of business intelligence and data analytics in Norway.

“As organizations digitalize and store ever more information in their IT systems, they are creating opportunities for real-time intelligence and innovation on a scale which they are only just starting to realize,” explained Michael Jacobs, Managing Director of Atea Norway. “Atea aims to be at the forefront of enabling customers to derive insights and enhance their operations based on the information they now control.”

“Through the acquisition of Sherpa, we are expanding our team to better serve our customers’ growing needs for consulting and support in business intelligence and data analytics. After the acquisition, we will have approximately 100 consultants in Norway specialized in these areas. These consultants are actively engaged with customers on many cutting edge projects," says Michael Jacobs, Managing Director Atea AS.

“We are tremendously excited about the market opportunities which joining an industry leader like Atea will bring,” commented Sigbjørn Høgne, CEO of Sherpa Consulting AS. “Atea is by far the largest provider of IT infrastructure solutions in Norway, and is a trusted adviser for many of the largest companies and public sector organizations in the country.”
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2018
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on the sale to
2017
Advisor to
on the sale to
The deal:
We advised the owners of Feelgood Scene Film og TV AS in the sale to Monday Media
Monday Media acquires the majority shareholding from Sony Music Norway and other minority owners. Feelgood is the leading comedy production company in Norway featuring titles like Helt Perfekt and Neste Sommer, as well as several established successes in scripted comedy and several studio comedy programs.
Monday Media is the largest independent television production company in Scandinavia. Based in Denmark, the group already has several production companies in Norway, such as Monday Production, Monday Sport, Teddy TV, Norsk Fjernsyn and the recently launched Monday Scripted.
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2017
Advisor to
on the sale to
2017
Advisor to
on the acquisition of
from private investors
The deal:
We advised Elisa, the largest telco in Finland, in the acquisition of Santa Monica Networks' Finnish and Estonian companies. SMN specialises in secure IT networks and data centre solutions. The two target companies generated revenues of 44 million euros and EBIT of 3 million euros in 2016. The enterprise value of the deal was 28 million euros.
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2017
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on the acquisition of
from private investors
2016
Advisor to
on the aquisition of
The deal:
Phonero has acquired 100% of the shares in its competitor Mobitalk
The acquisition expands Phonero’s distribution and local presence in the western part of Norway.  Following the transaction, Phonero will have more than 250,000 subscribers in the B2B market and revenues in excess of NOK 1.1 billion.
 
Mobitalk operates in the same market as Phonero and has achieved a strong position in its region, especially within the maritime sector. The company has more than 10,000 subscribers in the B2B market and similar to Phonero, has a strong focus on customer service and efficient telecommunication solutions, says Thore Berthelsen, CEO of Phonero.
 
Berthelsen believes the acquisition of Mobitalk makes sense strategically. There is a strong geographical fit, and Mobitalk’s customers will get access to new and advanced features in Phonero’s product portfolio.
 
Founder and CEO of Mobitalk, Christian Pritchard is pleased with the new owner. The market is consolidating and a sale to Phonero feels like the right thing to do, after building the company for nearly 10 years. Post transaction, Mr. Pritchard will take on the role as regional director of Phonero responsible for Møre og Romsdal and Sogn og Fjordane.
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2016
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on the aquisition of
2015
Advisor to
on the sale of
to
The deal:
DSG Bagdrop, founded in 2009, is a renowned specialist for self-service bag drop solutions in the aviation industry. With this acquisition, the Materna Group and DSG Bagdrop will join forces and provide a first-class self-service bag drop product portfolio that strengthens Materna's leading international position in the dynamic market segment of automated passenger handling. Baggage handling automation is booming worldwide and Materna's acquisition of DSG Bagdrop creates a strong market leader able to drive the self-service passenger processing market. Airports around the globe are currently installing self-service bag drop solutions as they can speed-up passenger check-in times dramatically. 
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2015
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on the sale of
to
2015
Advisor to
on the sale to
The deal:
ABAX, which is majority owned by private equity firm Norvestor VI, L.P., has acquired FrontTek AS. This is ABAX’ fourth add-on acquisition and emphasises ABAX’s growth strategy in Norway and Europe.

ABAX is one of the fastest growing tech-enabled service companies in Norway. The Company’s trading performance doubled in 2014 and growth is accelerating into 2015 driven by adding new applications to clients. Growth is expected to be further accelerated by the acquisition of FrontTek AS. FrontTek is a Bergen-based IT company that develops and sells data collection software with the goal of making field workers’ order handling less time consuming and paperless. The software includes functionality such as project management, CRM and time registration. The software will be integrated with the ABAX triplogs, and ABAX sees a large potential in selling this software to its already existing customer base.

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2015
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on the sale to
2015
Advisor to
on the sale to
The deal:
We advised the founder and shareholder of House of Control in the sale of 55% of the shares to Viking Venture.
The House of Control software suite enables businesses and public administration to improve their control of operational costs and liabilities. Viking Venture invests in House of Control to accelerate the company’s rapid expansion in the Nordic market. The Viking Venture team has extensive experience in developing business to business software-as-a-service companies.
"The combination of rapid growth and strong profitability in an IT company is what makes House of Control unique as an investment. The company has entered into a very promising part of the market and created robust technical solutions. Their ability to innovate is translated into rapid growth and strong profitability through what in our opinion is a unique commercial culture", says Viking Venture partner Jostein Vik.
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2015
Advisor to
on the sale to
2014
Advisor to
in the sale of a majority shareholding to
The deal:
In a process managed by Nordhaven, Viking Venture Management 6 AS has acquired 64 % of the shares in the Norwegian chemical software provider, EcoOnline AS. Viking Venture Management 6 AS now becomes the new majority owner. Nordhaven and the law firm Selmer were the advisers to the sellers.

EcoOnline is a provider of software solutions for managing chemical documentation. The company has solutions across the supply chain, from producer through distributor and end-user. From a Norwegian base, EcoOnline has established offices in Sweden and Finland.

Viking Venture is investing in EcoOnline to assist the company with further growth in the Nordic market. Viking Venture has long experience in developing companies offering Software as a Service in the corporate market – experience that will be a good fit with EcoOnline’s existing business solutions.

“With Viking Venture as an owner, we have gained a strong and knowledgeable partner”, says EcoOnline CEO Øyvind Thorsen.

Since being founded in 2000, EcoOnline has delivered steady growth to MNOK 61 in revenues in 2013. Currently, more than 3500 companies across a wide specter of industries are connected to the unique chemical documentation database.

“EcoOnline is a clear market leader in the Nordic countries, well positioned for further growth. EcoOnline’s world-leading expertise in the development of software for managing chemicals makes the company a sound investment for the future”, says Viking Venture partner Jostein Vik.

ABOUT ECOONLINE AS
EcoOnline is an IT company that develops software focused on making the management and documentation of chemicals as user-friendly and profitable as possible. By providing organizations with easy access to statutory information about chemicals, their hazards and recommended safety measures, they enable preventive initiatives and prevent harm to people and the environment. The company has 65 employees distributed among offices in Tønsberg, Oslo, Gothenburg and Helsinki.

ABOUT VIKING VENTURE
One of the leading Nordic venture funds, Viking Venture invests in growth companies with international potential, and is a very active owner. Viking Venture manages five funds with total assets under management of NOK 1.3 billion. Viking Venture invests in technology companies in oil and gas, electronics and software. The fund is located in Trondheim and Houston.
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2014
Advisor to
in the sale of a majority shareholding to
2014
Advisor to
on the sale to
The deal:
Verdane Capital Advisors and Via Venture Partners have over the past five years helped the Norwegian IT-company Dolphin Software grow in Scandinavia and Europe. Swedish Loxysoft now becomes the new majority owner.

Dolphin Software develops systems and implements tools that help companies respond to customer enquiries in the best possible way. The company’s roots go back to Norsk Data and it was for a while owned by Telenor. Verdane Capital VI and VII K/S (Verdane funds) invested in Dolphin Software through a portfolio acquisition in 2009.

“The approach to customer service has fundamentally changed over the past ten years. The customer care center used to be viewed as a cost center. Now, it is viewed as a profit center which gives opportunities to strengthen customer loyalty and to drive new sales. Dolphin has been at the forefront of developing new products and systems that enable its customers to communicate through both new and traditional channels“, says Arne Simensen, investment manager at Verdane Capital Advisors.

“When Verdane funds invested, the goal was to establish Dolphin Software outside of Norway, and we have succeeded with that”, he adds.

In 2011, Verdane funds were joined by Via Venture Partners and the funds have since owned 48 per cent each of the company. They now sell their shares to Loxysoft AB, a Swedish specialist in IT systems for sales management.

“We have seen significant interest in Dolphin Software. The company has a large number of Norwegian business customers, which both other customers and new potential owners have noted. Loxysoft is an outstanding owner for the future. The clients will benefit when Dolphin joins a leading Scandinavian group and stands even better equipped to develop the best and most innovative solutions”, comments Jakob Rybak-Andersen, Partner at Via Venture Partners.

Haakon Smeby, CEO at Dolphin, is pleased with the development over the past few years.

“Customer service has become a competitive advantage and it is the most important sales channel for many companies. We are well positioned within this trend. Verdane funds and Via Venture Partners have been outstanding technology owners who have helped make Dolphin a more attractive company” he comments.

Dolphin has over the past five years enjoyed stable growth and reached a turnover of NOK 62m in 2013. Telenor, Gjensidige, Sparebank 1, Kredinor and Get are amongst the company’s most significant customers in Norway. Dolphin has also delivered a complete solution to Orange Telecom in Switzerland, amongst other customers outside the Nordics. Dolphin has 40 employees in Norway and Sweden.

The parties have agreed not to disclose details of the transaction. The investors in Verdane funds and Via Venture Partners funds will see an IRR at over 30% on the investment.

ABOUT DOLPHIN SOFTWARE
Dolphin is one of the leading Nordic services-and product suppliers in contact centers and planning solutions for staffing agencies. Dolphin delivers complete solutions and consultancy services for companies that wish to deliver excellent customer service in both the private and public sector. Dolphin serves many of the most customer intensive companies in the Nordics, including Telenor, Orange, TDC, Get, DNB, Sparebank 1, Sparebanken Vest, Eika, Kredinor, Gjensidige, EVRY, Ascom, Eidsiva, Hafslund, Fjordkraft, Statnett, Posten, Bring and Oslo Kommune. Dolphin Software is a certified Microsoft ISV Gold Partner.

ABOUT VERDANE AND VERDANE CAPITAL ADVISORS
Verdane Capital Advisors is the Nordic market’s largest and most successful independent manager of secondary direct funds. Verdane funds have €700m in committed capital and are focused on buying Nordic portfolios of direct investments in attractive sectors such as energy, ICT and general industries. The funds also make investments directly in selected growth-stage companies.
Since 2003, the funds advised by Verdane Capital Advisors have acquired 23 portfolios with stakes in over 250 companies. Verdane has invested in companies such as Mathem, Easy Park, Resman and BEWi StyroChem. Former holdings include Whiteaway, C3 Technologies, Chipcon, DIBS, Nacre, Reslink, Reslab and Tradedoubler.

ABOUT VIAVENTURE PARTNERS
Via Venture Partners is a leading Nordic private equity firm mainly focused on small- and midcap companies. The management company has DKK 2 billion in committed capital in two funds under management. 99.8% of the capital is provided by ATP, Denmark’s largest pension fund, and the remaining is provided by the employees of Via Venture Partners A/S. Today the Via Venture Partners portfolio consists of 15 companies of which 8 are Danish and the remainder reside in other Nordic countries.
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2014
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MOBILE SERVICE PROVIDER PHONERO, JOINTLY ADVISED BY NORDHAVEN AND DNB MARKETS, ACQUIRES ITS LARGER COMPETITOR VENTELO

The combined entity will have revenues in excess of NOK 1 billion and become the largest competitor to Telenor within the business mobile phone market according to Thore Berthelsen, CEO of Phonero.

“Since establishment in 2008, Phonero has steadily increased its market share in the Norwegian business market. The acquisition of Ventelo will represent a large step-up for Phonero as Ventelo is more than double its size. In this sector, a high volume goes hand in hand with profitability. The acquisition enables us to instantly increase our volume significantly”, says Berthelsen.

“The companies complement each other. Ventelo has been successful within the public sector, Phonero in the private sector. Ventelo is skilled within technology and proprietary services, whereas Phonero has expertise within customer applications and telephony services. I look forward to working together with the Ventelo team to create even better products and services for our customers”, says Berthelsen.

“Our ambition has always been to grow. Ventelo represents our first acquisition of mobile customers. Going forward, we will continue to grow organically whilst looking for potential new candidates to acquire”, Berthelsen declares.

Phonero’s majority owner Kistefos is very pleased with the investment in Phonero, and is happy to take part in Phonero shifting from organic to strategic growth. “Together with Phonero’s management we see the opportunity to create an even stronger contender in the Norwegian telephony market”, says Gunnar Jacobsen, Investment Director in Kistefos.

ABOUT VENTELO
Ventelo is one of Norway’s leading providers of complete fixed- and mobile telephony services to the private and public sector. Ventelo is headquartered in Kristiansand with regional offices in Oslo, Trondheim and Bergen. In 2013, Ventelo had revenues of NOK 784 million.

ABOUT PHONERO
Phonero was established in 2008 and provides cost-efficient telephony services to the business market. The company is headquartered in Kristiansand with regional offices in Oslo, Stavanger, Bergen and Trondheim. In 2013, Phonero had revenues of NOK 318 million.
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2014
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Press release from Addnode Group:

Addnode Group acquires Joint Collaboration, a Norwegian software company with an annual turnover of SEK 135 M

The acquisition of Joint Collaboration AS (“Joint”) is a big step forward in the development of Addnode Group, complementing our existing offerings in Business Areas Design Management and Product Lifecycle Management. Joint is a leading supplier of SaaS (Software as a Service) rental solutions for primarily the Oil and Gas as well as the Construction industry.

BACKGROUND AND MOTIVE
Addnode Group is one of the largest providers of business critical support systems for the engineering and construction communities in the Nordics. The Transaction reflects Addnode Group’s strategy to be a strong partner to these customers.

Joint’s SaaS collaborations tools and know-how will strengthen Addnode Group’s position as software supplier and give us an even better opportunity to contribute to our customers’ further growth.

With customers in all Nordic countries as well as complementary document management solutions, Addnode Group will be able to facilitate a further expansion of Joint in the Nordics.

Joint will strengthen Addnode Group in the Norwegian market and particularly to Oil and Gas and the Construction industries.

The Transaction increases recurring revenues as portion of Addnode Group’s total income and is expected to improve earnings per share from closing.

“The acquisition of Joint is a big step forward for the Group’s growth. We have a strong offer of IT-solutions for the design of products, facilities, and infrastructure as well as for product life cycle management. Joint gives us expertise and broadens the Addnode Group’s offering with collaboration tools for the management of projects that we desired,” says Staffan Hanstorp, President and CEO of Addnode Group.

“This is strategically right for our customers, the employees and the company. Addnode Group’s knowledge and experience will help us continue to progress and become even better at what we do best today. Together, we will give our customers access to a broader product and service offering and a better geographical coverage,” says Steinar Svinø, CEO of Joint.

ABOUT JOINT COLLABORATION
Joint was founded in 2001 and has currently over 50 employees. Customers include Norway’s and the Nordic region’s largest corporations, as well as many small and medium-sized customers.

Joint features two web-based collaboration tools; Joint ProsjektHotell and Joint UniZone. Both solutions are SaaS (Software as a Service) rental solutions for interaction between a company and its external suppliers during construction projects.

Joint ProsjektHotell is a web-based collaboration tool for construction projects: planning phase, design phase, construction phase and operational phase.

Joint UniZone is an effective and flexible solution for collaborative development projects in the oil and gas industry. The solution supports typical core processes in construction projects.

Joint’s solutions has over 45,000 users of their solutions ranging from companies such as Statoil, the Norwegian National Rail Administration (Jernbaneverket), the Norwegian Public Roads Administration (Vegveset), Lyse, Oslo 2022, The Norwegian Defence Estates Agency (Forsvarsbygg), Hoegh, M7 Offshore, Hæhre Entreprenør and many more. In addition to its SaaS rental solutions, Joint resells EMC software with hosting and support services.

More information about Joint Collaboration on www.joint.no

ABOUT ADDNODE GROUP
Addnode Group provides mission-critical IT solutions comprising of software, systems and services. We are the Nordic market leader in IT solutions for design, engineering and product lifecycle management. We also have a strong market position in Sweden in case management systems to the public sector, municipal engineering systems, geographical information systems and a strong offering in the web area.

We are 800 + employees in Sweden, Norway, Finland, Denmark, Serbia and USA. With over 3000 customers using our solutions in more than 60 countries and a track record of good growth, we continue to build a strong and extensive portfolio of high performance IT solutions.

In 2012 net sales totaled SEK 1.365 M. Addnode’s Series B share is listed on the OMX Nordic List, Small Cap. More information about Addnode Group on www.addnodegroup.com
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2013
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TELENOR INCREASES ITS FOCUS ON FIBRE IN VESTFOLD AND SØRLANDET
Telenor Norway acquired all the shares in LOS Bynett and Bynett Privat from Agder Energi on 1 October, based on an agreement signed in summer 2011. In doing so Telenor is increasing its focus on fibre in Vestfold and the counties of Agder.

“This represents a significant boost to our landline operations on fibre in Vestfold and the counties of Agder. In doing so we have acquired around 12,000 new private and business customers. We plan to develop the companies further and coordinate this with our strategic initiatives in order to offer more landline broadband, based on fibre technology,” says Berit Svendsen, managing director of Telenor Norway.

LOS Bynett builds high-speed fibre-optic networks for the business market and public sector, and Bynett Privat delivers to private households. The companies will continue as they are today, with the current management and same service offering until the end of 2013, after which Telenor will assess how to integrate the companies with the rest of their operations.

WIDER RANGE OF SERVICES FOR CUSTOMERS
The Norwegian Competition Authority began processing the acquisition in autumn 2011 and concluded in March 2012 that Telenor Norway could implement the acquisition on certain conditions. The main features of this involve selling/making accessible LOS Bynett’s transport infrastructure in the counties of Agder and sub-letting transport infrastructure in Vestfold. In addition Telenor must accommodate any reasonable requests for access for business customers within the area covered by LOS’ access network. The Norwegian Competition Authority approved the transaction on 8 August, when all the conditions had been met.

“It is positive for our customers and the employees of LOS Bynett/Bynett Privat that ownership has now been resolved. We look forward to becoming part of Telenor Norway. This will give our customers access to a better, more extensive spectrum of services. We wish to contribute to further growth in customer numbers in the region together with Telenor,” says Håkon Honningsvåg, general manager of LOS Bynett/Bynett Privat.

“We are very happy that Telenor is taking over and further developing the two companies’ broadband operations in Vestfold and the counties of Agder. The sale is in keeping with our group strategy, and we are certain that more optimal future development has now been secured for the companies,” says Unni Farestveit, group director of social and corporate development at Agder Energi.

The price to be paid for the two companies is NOK 300 million.

TELENOR
Telenor Group is an international provider of tele, data and media communication services. Telenor Group has mobile operations in 11 markets in the Nordic region, Central and Eastern Europe and in Asia, as well as a voting stake of 42.95 per cent (economic stake 35.7 per cent) in VimpelCom Ltd., operating in 18 markets. Headquartered in Norway, Telenor Group is one of the world’s major mobile operators with 150 million mobile subscriptions in its consolidated operations per Q2 2012, revenues in 2011 of NOK 99 billion, and a workforce of approximately 30,000. For more information about Telenor Group, please visit www.telenor.com

Telenor Norway is the Norwegian part of the Telenor group and has approx. 4,600 employees. The company is Norway’s biggest supplier of telecommunications and data services, and offers broadband, mobile, telephony and cable TV to private and business customers. Telenor Norway’s headquarters are at Fornebu in Oslo and it has more than 30 branch offices in Norway and on Svalbard.

Agder Energi has a vision of being a leading Norwegian group in renewable energy. The group’s activities cover the production, distribution and sale of energy and services linked to energy. Agder Energi has 1,650 employees.
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2012
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BROADNET INVESTS IN NORTHERN NORWAY
Broadnet strengthens its national fiber initiative and acquires the Tromsø based fiber company Pronea from Troms Kraft. Broadnet and InFiber investments in fiber-based data communications will make Tromsø one of the leading broadband cities in Norway.

Broadnet leads the way in the Norwegian fiber revolution through the development of a national fiber network. With the acquisition of Pronea Broadnet will further strengthen its position and becomes a leading fiber player in northern Norway.

Broadnet has already started its investments in northern Norway through participation in the new backbone fiber project in the region and with an established presence in Bodø.

“Broadnet is the player who bet strongly on the fiber and high-capacity infrastructure in Northern Norway. This is good news for Norwegian companies as they now have access to the infinite capacity of a national fiber-actor,” says Ole E. Pedersen, CEO of Broadnet.

Pronea is a wholly owned subsidiaries of Troms Kraft.

Pronea provides safe and stable fiber-optic broadband solutions primarily to the corporate market, and is northern Norway’s largest fiber company. Pronea also owns Bredbåndsservice, which delivers broadband to residential customers in Oslo.

ABOUT BROADNET
Broadnet (formerly Ventelo) is a leading Norwegian telecom operator offering datacom and voice services to the corporate and residential segment. The company is the second largest operator in the corporate segment with a total of 16,000 customers. Broadnet controls one of two optical fiber backbone networks in Norway with a total length of 17,000 km in addition to a substantial regional and local network. Going forward, the Company will operate under two brands; Ventelo for voice services and Broadnet for datacom services.

ABOUT EQT
The EQT funds invest in companies in Northern and Eastern Europe, Asia and the US in which EQT can act as a catalyst to transform and grow operations. EQT’s business model focuses on driving the process of change and repositioning, driving top-line growth while combining financial discipline with industrial expertise.

Since EQT’s first acquisition in 1995, the average annual growth in the EQT Equity funds’ portfolio companies has been 11%, the number of employees has increased by 12% and earnings by 17%.

Today, EQT consists of 14 private equity funds active in buyouts, equity related growth financing and infrastructure with approximately EUR 18 billion of committed capital. EQT has invested more than EUR 11 billion in around 100 companies and exited close to 50.
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2012
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DALDATA WITH A STRONG NEW OWNER
(Tynset, August 13, 2012) Via Venture Partners has together with Management acquired Daladata, an IT company emphasizing on accounting software and ASP / cloud services. Via Venture will as the new shareholder facilitate future growth, both organically and through acquisition.

The Sale of Daldata was completed on the 11 of July this year. In addition to Via Venture Partners, all the members of Daldata Management, including CEO Bjørnar Håkensmoen, have invested in the company.

Strong development and profitability
Daldata has shown a strong development over the past six years. Since 2006, sales have increased from NOK 87.6 million to NOK 165 million, and earnings have increased substantially to NOK 15.4 million in 2011. Daldata’s ambition is to continue to grow, focusing on Duett accounting software and ASP / cloud services in the Norwegian market. It is especially in the accounting sector that Daldata has a strong position, with a turnover of nearly NOK 60 million. During 2012 Daldata has gained market shares in the accounting sector, mainly because of modern technology in Duett and Daldata’s new data center and provisioning of cloud services.

Organic growth and acquisition
Jakob Rybak-Andersen, Partner at Via Venture Partners, says that they are looking at Daldata as a very exciting investment, with innovative solutions and a service concept in the SME market with great potential.

“To deliver IT solutions profitably to the SMB market requires very high skills throughout the organization. Daldata has a very competent management and a strong position in the Norwegian market, and we look forward to creating further growth both organically and through consolidation,” says Jakob Rybak-Andersen.

Daldata is equally satisfied with the sale. Bjørnar Håkensmoen, Managing Director, said that Via Venture Partners, with its expertise and financial strength will help Daldata developing in the future

“We are very pleased to have a skilled, professional investor as new a shareholder,” says Håkensmoen.

ABOUT DALDATA
Daldata is a leading IT company with main focus on accounting software and ASP / cloud services in the Norwegian market in general and particular in the accounting sector. With 130 skilled workers and innovative solutions Daldata’s ambition is to continue to grow, both organically and through acquisitions. Daldata was established in 1982, and celebrates its 30 years anniversary this autumn (2012). See also www.daldata.no

ABOUT VIA VENTURE PARTNERS
Via Venture Partners has the Danish pension fund ATP as the sole investor, and is one of the leading IT venture and private equity fund focusing on investments in predominantly Nordic growth companies. Via Venture Partners manages DKK 2 billion, and currently has 14 portfolio companies spread across Denmark, Sweden, Norway and Finland, including Dolphin Software AS, Adra Match and Handyman AS in Norway. See also www.viaventurepartners.com
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2012
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2011
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KONGSBERG DEFENCE & AEROSPACE AS, A WHOLLY-OWNED COMPANY IN THE KONGSBERG GROUP (KONGSBERG), HAS ENTERED INTO AN AGREEMENT TO ACQUIRE 100% OF THE SHARES IN NORSPACE AS

Norspace was established in 2003 and is an extension of the former AME Space and Alcatel Space Norway. Norspace currently has 95 employees and is world-leading in its field of supplying high-tech components and equipment to the international space industry. The company participates in a number of international space programmes, and the company’s equipment is currently on board more than 140 satellites for customers all over the world.

As a subsidiary of Kongsberg Defence & Aerospace, Norspace will continue its business as present, and under the same management, while being able to benefit from important resources of a large industrial group with already significant presence in the space sector. Both buyer and seller consider that Norspace and KONGSBERG will mutually strengthen their growth potentials in the space sector because of the acquisition.

“Norspace will become part of a group with significant space activities, with a strong industrial and technological base and a very sound financial basis. The new ownership provides long-term assurance to our customers, suppliers and employees about Norspace’s future”, says Sverre Bisgaard, CEO of Norspace.

“KONGSBERG has had strong faith in space and surveillance for some time. The significant contracts we recently have landed confirm this faith. The acquisition of Norspace enables us to exploit each other’s expertise and market positions to grow and develop new products and markets. Both companies have demonstrated impressive development and ability to innovate in recent years, and we look forward to continue this progress and build new opportunities in a larger and more internationally robust company”, says Harald Ånnestad, CEO of Kongsberg Defence Systems.
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2011
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ASPIRO SELLS MOBILE SOLUTIONS – FREES UP RESOURCES FOR THE FAST GROWING MUSIC SERVICE WIMP AND TV-STREAMING
Aspiro has signed an agreement with LINK Mobility AS on the sale of the business area Mobile Solutions in the Nordic and Baltic countries. Aspiro thus frees up additional resources for TV and music service WiMP, which before the summer passed 300,000 paying users, three times the amount in the beginning of the year.

The divestment of Mobile Solutions is the final step in a long term process to reposition Aspiro. In order to streamline the company in the direction of music and TV streaming, Aspiro in the last year also sold its former business area Mobile Entertainment and other small businesses. Music streaming service WiMP is the flagship of the new Aspiro, which now consists of business areas Music, TV and Mobile Search.

“Aspiro has a very aggressive growth strategy in the music and TV areas. Meanwhile, mobile business services also has great potential and we are sure that LINK Mobility is better positioned to lead the development of that market, where there are several mid-sized players and need for consolidation. This deal will free up more resources for our focus areas of music and TV, where we have high aspirations“, says Gunnar Sellæg, CEO of Aspiro.

ASPIRO IN BRIEF
Aspiro has unique positioning as the world’s only provider of both streaming music and TV services delivered as a complete hosted white label service to partners. Aspiro also delivers music streaming service WiMP directely to consumers in Scandinavia. Aspiro utilize over ten years mobile technology and retail experience, delivering its premium services to companies worldwide including Deutsche Telekom, Telefónica O2, Telenor, 3, TeliaSonera, BBC, Aftonbladet, mBlox, TVNorge, Entel and VG. Aspiro is listed on the Nasdaq OMX Stock Exchange in Stockholm. 2010 sales for continuing operations were SEK 262 m and the company has some 120 employees.
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2011
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2010
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The deal:
Finn.no invests in Flytteportalen.no through a share issue obtaining a majority stake.
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2010
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on the sale to Finn
 

Consumer

  • Starting in the 1990’s we have developed a deep understanding of the dynamics of consumer-facing businesses, advising both consumer products and services businesses operating through different types of distribution chains.
  • Our significant advisory expertise is the result of our extensive transaction work, for example in clothing & apparel, food & beverage, restaurants, DIY, personal and household goods & services, leisure-focused businesses, music & other events, pet services, and automotive-related services.
Selected transactions
2022
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Nordhaven advised the owners of Classic Pizza and Hangon Makaronitehdas in the sale to Restel
Nordhaven advised the owners of Classic Pizza and Hangon Makaronitehdas in the sale to Restel.

Classic Pizza was founded in Hanko the in mid-1990s, whereas Hangon Makaronitehdas was established five years ago. The owners, Juha Toivanen and Merja Rahkola-Toivanen, developed and expanded the unique casual dining concepts to the main cities and ski resorts in Finland and as of today the chains have a total of 23 restaurants. The success of the chains is based on quality, superior ingredients, and service offered by committed employees. In 2019 (pre-COVID) combined revenue of the chains was approximately EUR 15 million.

Restel is a leading restaurant operator in Finland with more than 200 restaurants and approximately EUR 200 million revenue. Restel is owned by Tradeka. Restel’s target is to provide consumers quality experiences, and the acquisition is based on its strategy to grow through acquisitions, with a focus on strong brands.
We thank Nordhaven for a very well managed process. In addition to the excellent financial result, we are happy that the chains got a strong and responsible owner who is committed to the values of the businesses that the owners have developed almost 30 years.
—  Merja Rahkola-Toivanen, owner of Classic Pizza
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2022
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2021
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Omaeläinklinikka and Evidensia to form the industry leader in veterinary care in Finland
Nordhaven advised Omaeläinklinikka, Korona Invest as well as other owners on the sale of the company to Sweden-rooted IVC Evidensia. IVC Evidensia is Europe’s largest veterinary care provider with operations in 12 countries and its main owner are the funds advised by EQT. The combined Finnish entity operates a network of some 50 clinics, hospitals and out-of-hour centers across the country and has a topline of approx. €90 million. Omaeläinklinikka’s strong brand is planned to be utilized also following the transaction.

Prior to the transaction Omaeläinklinikka was one of the very few larger Nordic platforms available for further veterinary industry consolidation. The company has ca. 450 employees who cater annually some 140,000 physical & digital visits for pets and their owners. The company enjoys very high customer satisfaction.
Once again impressive exit process with very good outcome arranged by Nordhaven for us! The investment story was of high quality, the selection of international buyers was perfect and the sales process well-controlled and competition was kept up until the last day. Working with you is always very easy, fun and we value your independent thinking and working. The sellers are extremely satisfied with the financial outcome.
—  Pasi Lehtinen, managing partner at Korona Invest
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2021
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Nordhaven advised Swedish private equity investor Scope Capital on the sale of its close to 50% ownership in FootBalance to UK domiciled private investment company IPGL. IPGL is a private investment company of Lord Spencer. As part of the transaction certain shareholders also sold parts of their ownerships.

As 75% of the world population is living with health and wellbeing issues relating to foot misalignment, FootBalance started in 2006 to develop technologies for analyzing foot health and misalignment as well as for correcting those with customized & personalized products that are suitable for international mass market (distribution and price point).

Today FootBalance is a Nordic foot health technology company providing personalized fit through advanced technologies to the mass markets. The company has a strong IP portfolio and sales in the Nordics, Europe, USA, and Asia. With the company’s 3D foot scanning technology, the customers can shop for customized products online. The Company has conducted more than 5 million foot analyses and sold over 4 million pairs of custom insoles.
“FootBalance is a highly attractive wellness technology company with strong IP, international presence, and highly profitable business model. We trust that with stronger shoulders the company will have very bright future.”
—  Timo Lappalainen, partner at Nordhaven
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2021
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Nordhaven advised shareholders of Tuska Festival in a sale to Superstruct Entertainment
Nordhaven advised Tuska Festival and its shareholders in the sale of the company to Providence Equity backed Superstruct Entertainment. Tuska Festival is one of the leading urban open air metal festivals in Europe. Through the transaction, Nordhaven strengthens its position as the leading financial advisor in entertainment related M&A in the Nordic region. Nordhaven has provided sell-side advisory to Flow Festival in Finland as well as Øyafestivalen and Palmeus Festival in Norway.

During its 20 years of history Tuska Festival has developed into a strong brand with high international awareness within the metal genre. Through true commitment and differentiated offering to the metal genre fans, Tuska Festival has created a unique, large and loyal fan base both in Finland and abroad – annually the festival has more than 50.000 visits and around 50% of the visitors have visited the festival 4x or more times.

Superstruct Entertainment is the owner of a large portfolio of live music festivals across genres and geographies including Flow Festival and Tuska Festival in Finland. The company is backed by private equity firm Providence Equity Partners, which has $45 billion in assets under management.
Thank you Nordhaven! As a first-time company seller, I am impressed by the high value-add of your work. Irrespective of the massive Covid-19 impacts on our industry you were able to bring in all key industrial buyer candidates to an intelligently tailored and ran process with true competition. Working with you is highly professional and I highly appreciate all the laughs that we had together. We are also very satisfied with the financial outcome.
—  Eeka Mäkynen, Festival Director
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2021
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2021
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Nordhaven advised the owners of the Palmesus Festival in the sale to Superstruct Entertainment
Nordhaven advised the owners of the Palmesus Festival in the sale to Superstruct Entertainment

The Palmesus festival – Scandinavia’s biggest beach party – has been acquired by Superstruct Entertainment, a live entertainment consortium. Simultaneously, Nakatomi Enterprises, the owners of Palmesus AS, has reinvested a significant amount into Superstruct Entertainment.

About Palmesus:
Founded as a small ‘friends-of-friends’ party in 2009, Palmesus has grown into the biggest beach festival in Scandinavia – located on the beach right in the city center of Kristiansand in southern Norway, with more than 40,000 guests in 2019. The festival has not been held since 2019 due to COVID-19 restrictions. In 2019 Palmesus, through the festival and other year around events, generated revenues of NOKm ~80 with EBITDA of NOKm ~14. Making Palmesus one of the few festivals in Norway that generates a significant profit. The Palmesus owner, Nakatomi Enterprises, is owned by Leif Fosselie and Lund Gruppen.

About Superstruct Entertainment:
Superstruct is a private equity backed group that owns several festivals and live entertainment events, mainly in Europe. Superstruct’s Nordic music festival portfolio includes the Oslo based Øya-festivalen, Helsinki based Flow-festival and Northside and Tinderbox being held in Denmark (Aarhus and Odense, respectively). Superstruct is backed by the leading private equity firm Providence Equity.
By becoming a part of the Superstruct consortium, Palmesus will benefit from strengthened solidity, which both the festival and the festival guests will benefit from in years to come. We are simply moving from owning a big share of something a little smaller, to owning a smaller share of something very big.
—  Leif Fosselie, founder and CEO of Palmesus
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2021
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2021
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Nordhaven advised the owner of Buer AS in the majority sale to Baxt / Skagerrak-Holding
Buer AS, Norway's leading manufacturer of soft potato flatbreads (Norwegian “lomper”) and thinbread (“lefser”), has entered into a strategic partnership with Baxt.

Buer AS, with traditions dating back to 1957 is the market leader within its category with clear ambitions to uphold their position through technology, strong product development, high quality products and focused marketing.

The Buer business and production facilities are located in Askim and has approximately 50 employees.

Baxt is a well-known supplier of a large selection of baked goods to the Norwegian grocery trade, kiosk / petrol and catering market. The company has its head office and main warehouse in Larvik and has more than 50 employees. BAXT is part of a group that also consists of the bakeries in Søndre Land and Lierne municipalities that produces produces cakes, cookies and thinbread.

Skagerrak-Holding, which is Baxt's parent company, has acquired 60% of the shares in Buer AS from FBD AS, which is owned by Bjørn Olav Drabløs. Bjørn Olav Drabløs continues as the company's CEO.
We are very pleased to have entered into this agreement with Baxt, where we see an exciting future for Buer with many attractive opportunities. We are really looking forward to working closer with Baxt – together we are confident that Buer will become even more successful.
—  Bjørn Olav Drabløs owner and CEO of Buer
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2021
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2021
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Nordhaven advised Ryde and its founders in the majority sale to Equip Capital
Ryde is the only major Norwegian e-scooter operator. The company was established in 2019 and has in a short period of time become the market leader / one of the market leaders in Stavanger, Trondheim, Bergen, Kristiansand, and Oslo.

Micromobility, including e-scooters, has the recent years had an explosive growth and is expected to continue to grow going forward. Among many use cases, micromobility services increase access to public transportation, reduce the amount of cars on the road, lower our environmental footprint, and provide convenient methods of transportation for short trips — all while being cost effective.

“We are challenging the major international e-scooter operators, this requires both capital and professional owners. With Equip on the team we will continue and accelerate our strong growth and market presence", says Johan Olovsson, one of the founders of Ryde.

“Our clear ambition is for Equip and Ryde to professionalize the industry. We will work closely with municipalities and authorities to facilitate micromobility in a responsible manner. At the same time, we expect that the industry will be provided reasonable conditions to operate", says Sverre B. Flåskjer, Managing Partner at Equip Capital.

In 2020, Ryde had a turnover of NOK 45 million and is set out to triple the turnover in 2021. Equip Capital is now acquiring a majority shareholding in the company. The three founders, who established the company in 2019, will continue in Ryde and maintain as significant minority shareholders.

About Equip Capital:
Equip Capital is a Nordic private equity firm focusing on investments in small and mid-sized companies. The team has extensive investment experience across the consumer, industrials, and business services sectors, and combines its experience, energy, and dedication to ensure success in building better companies and generating strong returns.
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2021
Advisor to
on the majority sale to
2021
Advisor to
on the sale of Dekk1 and Gummi Centralen to
backed by
The deal:
Nordhaven advised RAC Group in the sale of Dekk1 and Gummi Centralen to NTG/Altor
One of the leading players within the tyre industry in Norway, RAC Tyres, consisting of Dekk1 and Gummi Centralen, has been acquired by Nordic Tyre Group AB (NTG) / Altor.

“We believe it is truly exiting to become a part of NTG’s expansion in Norway. In a changing car and tyre market it is important to be a part of a larger group to ensure competitive edge and to be able to attract the most competent people”
- Dag André Gimle Johansen, CEO of RAC Tyres.

RAC Tyres consists of the wholesaler Gummi Centralen and retailer Dekk1. The groups combined revenue in 2020 was approximately NOKm 500 with an EBITDA of approximately NOKm 21.

In parallel NTG has acquired Starco Norge and Dekkteam – another substantial player in the Norwegian tyre industry.

NTG will, together with the new Norwegian acquisitions, become the leading independent distributor of tyres and rims across Norway, Sweden, and Finland. Post-acquisition NTG will distribute close to two million tyres per year with more than 2.3 billion NOK in revenues.

“We are very impressed with the development of the Norwegian companies acquired, a result of highly competent management and personnel. We look forward to working closely together across the three countries, however with local strategy and presence…”
– Mats-Ove Eriksson, CEO Nordic Tyre Group

“We are proud to enter into a partnership with management and former shareholders with an impressive experience from the tyre industry. We will continue to invest significant resources in further growth.”
– Pål Stampe, Chairman Nordic Tyre Group and Partner in Altor

About RAC Tyres:
RAC Tyres consists of Gummi Centralen and Dekk1. Gummi Centralen is a leading wholesaler of tyres in Norway with amongst other exclusive distribution rights to Pirelli and Maxxis. Gummi Centralen sold approximately 200 000 tyres in 2020. Dekk1 is the biggest independent tyre retailer in Norway with 25 wholly owned stores / tyre hotel and 35 partnership stores / tyre hotel. Dekk1 has through strategic focus become a leading provider of tyre hotel services with ~320,000 winter and summer tyres stored.

About Nordic Tyre Group:
NTG was established in 2019 as a partnership between the private equity firm Altor and founders of Gummigrossen and RengasDuo, the leading wholesalers of tyres in Sweden and Finland, respectively, with the ambition to become the #1 independent tyre distributor across the Nordics.
Read more
2021
Advisor to
on the sale of Dekk1 and Gummi Centralen to
backed by
2021
Advisor to
in connection with its private placement
The deal:
Nordhaven supported Minimeis in attracting cornerstone investors for continued growth
Minimeis AS is the company behind the critically acclaimed and award-winning children shoulder carrier MinimeisTM. Minimeis was established in 2013 and is based out of Oslo. Since transitioning to a pure D2C eCommerce business model, Minimeis has experienced exponential growth. The company surpassed NOK 120 million in revenues in 2020, an increase of +350% from 2019. The US and EU have become the two largest markets, albeit Minimeis has recorded sales to more than 150 countries across all five continents, a testament to the product’s universal appeal.

Christian Stabell Eriksen (on behalf of Skarbua AS), has provided growth capital enabling Minimeis to continue its expansion and capture a larger share of the estimated $1 billion and growing baby carrier market. Christian will join the Board of Directors.

Furthermore, Marius Juul Møller (on behalf of KM Holding AS and STY871 AS) together with Jørgen Jørgensen (CEO and owner of Norrøna) acquired a minority holding in the company.

With their extensive and relevant experience from other investments as Douchebag, Norønna and ReMarkable, the 3 new shareholders represent a strong contribution to Minimeis.

Together the new group holds app. 27% of the shares.
Read more
2021
Advisor to
in connection with its private placement
2020
Advisor to
on the sale to
The deal:
Nordhaven acted as financial advisor to the owners of Donier Gastronomie in its sale to Finnish private equity fund managed by Folmer. The founder of the company, Alexandre Donier, will continue as the Managing Director and shareholder in the company with the aim of building, together with the staff, Finland’s leading food wholesaler with a comprehensive offering. The company’s other shareholders shall remain as minority shareholders.

Since 2003, Donier Gastronomie has supplied high-quality ingredients from selected European producers to quality conscious restaurant and retail clients in large Finnish cities. The company is specialized in import and wholesale of dairy and poultry products. In addition, it provides a wide range of dry goods, meats and processed meat products as well as seafood. Donier Gastronomie offers its customers a transparent and traceable product chain as well as a responsible service concept with extremely high service orientation. The company has premises in Helsinki, Tampere and Turku and it has a current sales level exceeding €10 million.
For me as an entrepreneur it was utmost important that I could partner with such an experienced financial advisor like Nordhaven in finding and negotiating good deal for us, while I could focus on the business and clients” says Alexandre Donier, the founder and Managing Director of Donier Gastronomie.
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2020
Advisor to
on the sale to
2020
Advisor to
on the sale of a majority share to
The deal:
Nordhaven advised the shareholders of Nordic Live AS in the sale of a majority share to FKP Scorpio, one of Europe’s leading festival and concert promoters.

The Oslo-based agency Nordic Live AS has sold a majority stake to FKP Scorpio, one of Europe’s leading festival and concert promoters. Nordic Live was founded in 2017 by Erica Leypoldt, Kim Nordbæk, Ottar Schanke Eikum and Joël Schwalenstöcker, formerly at Live Nation, Ultimat Artist, Mentometer and TimeOut Agency. Nordic Live represents 60+ domestic and international acts such as Alan Walker and Gabrielle, and the acquisition offers FKP domestic rosters across the Nordic region. Nordic Live will collocate with the FKP Scorpio Norway team over the course of 2020.

“We have been able to carve out a decent slice of the Norwegian market in just a few years as one of the very few remaining independents. We have done everything ourselves and our own way, but once we met with FKP Scorpio, we immediately knew this was the right partnership to take the company to the next level” says Nordic Live’s founders in a joint statement.

“We are very happy about our teaming up with Nordic Live and the merger with our already strong team in Norway. Their local artist roster will complement our portfolio and will strengthen FKP Scorpio’s importance for the local Norwegian music scene as a reliable partner. We are very excited about the future prospects of our Norwegian branch.”, states FKP Scorpio’s executive director Folkert Koopmans.

About Nordic Live
Nordic Live is Norway’s largest independent agency. Their domestic roster, including artists like Alan Walker, Ina Wroldsen and Gabrielle, did more than a 1000 shows in 2019, amounting to a total turnover of 85 MNOK.

About FKP Scorpio
FKP Scorpio Norway has since its foundation promoted shows across Norway with the likes of Bon Iver, Tame Impala, Biffy Clyro and Brad Paisley.
Read more
2020
Advisor to
on the sale of a majority share to
2019
Advisor to
and its owners on the sale to
The deal:
Nordhaven Corporate Finance advised Func Food Group Oyj and its owners, Sentica Partners and private shareholders, on the sale of company to US-listed Celsius Holdings Inc.

Func Food is a Nordic wellness company. Func Food represents a comprehensive portfolio of well-being products which promote active and, healthy
lifestyles by investing in high-quality ingredients and best-in-class food and beverage expertise. The company markets and distributes beverages, protein bars, supplements and superfoods under the brands Celsius®, FAST Sports Nutrition, CocoVi, and FitFarm.

Celsius Holdings, Inc. (Nasdaq: CELH), is a global company with a proprietary, clinically proven formula for its CELSIUS® brand and all its sub-brands. A lifestyle fitness drink and a pioneer in the rapidly growing performance energy sector, CELSIUS has four beverage lines that each offer proprietary, functional, healthy-energy formulas clinically-proven to offer significant health benefits to its users.
Read more
2019
Advisor to
and its owners on the sale to
2019
Advisor to
on the sale to
The deal:
Nordhaven Corporate Finance acted as exclusive financial advisor to Parc Invest AS and its shareholders in the sale to Equip Capital
Parc Invest AS is the largest operator of indoor trampoline parks in Norway. Since establishment in 2016, the Company has opened five “Rush” parks in Norway’s largest cities; Oslo, Bergen, Stavanger, Trondheim and Drammen. The company will open two additional parks in Hamar and Haugesund during the next 12 months.
A majority of visitors are between 6-14 years old and the parks are popular venues for birthday parties and other social events.
With backing from Equip Capital, Parc Invest will accelerate its organic expansion, both domestically and abroad.
The founders of Parc Invest, Petter Haagaas and Otto Vinje, will continue in their current roles in Parc Invest, in addition to remaining significant shareholders in the company.
“We are very excited to have Equip Capital as a new majority shareholder in Parc Invest. The Equip team has an unparalleled track-record within the Nordic retail / FMCG sector. We are confident that Equips capabilities and financial resources will enable Parc Invest to solidify and build on its #1 position in Norway and open the door for geographic expansion.” Petter Haagaas, Founder and CEO of Parc Invest
Co-Founder and Chief Development Officer of Parc Invest, Otto Vinje, adds: “Parc Invest lends its success to a targeted roll-out of a well-proven concept. Opening new Rush Parks in Norway’s largest cities will continue at an even faster pace with the support of Equip.”
Read more
2019
Advisor to
on the sale to
2019
Advisor to
and its owners on the sale to
The deal:
We advised luxury brand Balmuir and its founders in the sale of the company to Polap-Team Oy, the parent company of the largest Nordic apparel company L-Fashion Group who, among others, owns the Luhta and Icepeak brands. The transaction included all of the shares in the company.

Balmuir is a rapidly growing lifestyle and fashion brand offering fashion accessories and interior decoration items made from the finest natural materials. The company’s average growth rate has been in excess of 30% during the past five years. In the financial year ended March 2019, Balmuir generated revenues of 8.3 million euros.
It was a pleasure to work with Nordhaven. With their help, we were able to find Balmuir the best new owner that can support the company’s growth strategy and strengthen its international operations. When you are selling your life’s work, it is crucial that the advisor is wholeheartedly and professionally giving their best in supporting you and achieving the best possible outcome for you” says Heidi Jaara, Managing Director of Balmuir.
Read more
2019
Advisor to
and its owners on the sale to
2018
Advisor to
on the sale to
backed by
The deal:
Nordhaven Corporate Finance advised Flow Festival and its owners in the partial sale to Superstruct Entertainment. Flow Festival, established in 2004, is the leading Nordic urban festival with 84,000 attendants in 2018.
Nordhaven’s team played a key role throughout the process which raised a lot of interest both within the Nordic region and internationally. Nordhaven generated significant value added to us through their high professionalism and strong commitment” says Tuomas Kallio, Chairman of Board and Artistic Director at Flow Festival.
Read more
2018
Advisor to
on the sale to
backed by
2018
Advisor to
on the sale to
backed by
The deal:
Nordhaven Corporate Finance advised Øyafestivalen and its owners on the sale to and reinvestment in Superstruct Entertainment. Øyafestivalen is one of the largest festivals in Norway, established in 1999.

Superstruct Entertainment, led by CEO James Barton, is a live entertainment platform that owns and operates festivals and live music events under the name of Sziget, Sónar, Elrow and various others. The company is backed by private equity firm Providence Equity Partners, which has $58 billion in assets under management.

“We are happy to have been given the opportunity to become partners with Superstruct and join forces with them at this stage of their expansion, and are confident that our new position will allow us to promote Norwegian music through channels we would otherwise not have had access to while also boosting Oslo as a festival city” says Claes Olsen, booking-manager and co-owner of Øyafestivalen.

“We are delighted to be partnering with Øyafestivalen, one of Europe’s leading urban festivals and the leading festival in Norway. We look forward to welcoming their senior leaders to our management team and continuing to promote outstanding live music events” says James Barton, CEO of Superstruct.
Read more
2018
Advisor to
on the sale to
backed by
2017
Advisor to
on the merger with
and
The deal:
The two online dinner bag providers, Adams Matkasse and Godtlevert.no are joining forces and intend to finalize a merger. With this, they will be able to challenge the three dominating grocery chains in Norway.
“Both Adams and Godtlevert.no have since the start had a strong ambition and desire to increase the competition in the Norwegian grocery market. Through this merger, we will become a real contender to the established grocery chains”, says the Godtlevert.no founder Kjetil Graver. He is convinced that the merger will result in substantial cost synergies, which is crucial to compete against the grocery chains’ scale advantages.
Kjetil Graver and his co-founders are now merging the company they established in 2010 with the Bergen-based dinner bag provider Adams Matkasse. The shareholders of Godtlevert.no will receive shares in Linas Matkasse as payment. Linas Matkasse, a company backed by the Norwegian private equity firm Herkules Capital, owns more than 90% of Adams Matkasse.
Adams Matkasse and Godtlevert.no have an annual revenue base of NOK 330 and 390 million and close to 25 000 and 30 000 customers respectively. The two brands will continue to operate as separate concepts, and resources will be committed to further strengthen and enhance the two brands.
Read more
2017
Advisor to
on the merger with
and
2017
Advisor to
on the sale to
The deal:
Biomega (Marine Bioproducts AS) is the leading Norwegian producer of high quality salmon meal, salmon oil and marine peptones for the pet food industry. The products are food grade, and delivered to premium, super premium and veterinary pet foods producers globally. Biomega uses fresh raw material in a natural digestive process avoiding use of chemicals and ensuring very high quality products.
 
Amerra Capital Management is a New York based agribusiness asset management firm, and the acquisition of Biomega marks its second entry into the seafood area.   
 
We acted as financial advisor to the majority shareholders, Bjørnstad & Jendal AS and Redor AS.
Read more
2017
Advisor to
on the sale to
2017
Advisor to
on the sale to
The deal:
A majority of the shares in the Norwegian cafe chain Jordbærpikene has been sold to the investment companies Salvesen & Thams Invest and GMW Venture. The founders and the managing director of the seller, Tramonto, Mr. Eivind Klemmetvoll will retain an investment in the café chain. The chain has grown to 31 cafes all over Norway and the sale is done to support the further growth of the chain. Mr. Bjørn M. Wiggen of Salvesen & Thams Invest will become chairman of the of the board of directors.
“Jordbærpikene is a well run concept with a solid market position that can be developed further, and we want to contribute with capital and competence to execute the growth strategy”, says Bjørn M. Wiggen, chairman of Salvesen & Thams Invest.
The Jordbærpikene chain had revenues of 260 MNOK (28 MEUR) in 2016.
Read more
2017
Advisor to
on the sale to
2015
Advisor to
on the sale of its distribution activities to
The deal:
Dermagruppen, the Nordic distributor of professional skin care products has sold its distribution activites of Decleor, Carita and Essie products to L'Oreal. Having represented Decleor for more than 28 years, Dermagruppen has firmly established the Nordics as one of the strongest markets for the brand world wide. The Decleor, Carita and Essie brands are owned by L'Oreal.


About Dermagruppen
Dermagruppen was established in 1987 and is the leading Nordic distributor of professional skin care products. Dermagruppen is the exclusive Nordic distributor for Elemis, Bare Minerals, Elizabeth Arden PRO, Matis, Bliss, Revale skin, Sensai, Molton Brown, Avene, Ducray and A-derma. The company had 2014 revenues of more than NOK 400 mill. Dermagruppen is owned by Ringnes Holding AS, NSV Invest AS and Look North AS (CEO Henning Nielsen).
Read more
2015
Advisor to
on the sale of its distribution activities to
2015
Advisor to
on raising growth capital
The deal:
OnePiece Jump In AS is the company behind the distinctive OnePiece fashion brand within the chill-out-wear category. Since incorporation in 2010, the company has developed from a Norwegian phenomenon into a truly international brand, with retail stores in Los Angeles, London, Sydney, Berlin and Stockholm. In 2014, the company recorded revenues of NOK 130 million of which online distribution represented in excess of 75%.
OnePiece has obtained growth capital from a consortium of Swedish investors including Arthur Engel (previously the CEO of Bjørn Borg and Gant), Stefan Georgi (Founder of Value Formation and industrial advisor to several Nordic private equity funds), Johansson family (owner of the Five Seasons sports brand) and Gavia Food Holding (previous owner of Santa Maria).
The equity issuance will enable OnePiece to accelerate its international expansion.
Read more
2015
Advisor to
on raising growth capital
2013
Advisor to
on the sale to
The deal:
REMA INDUSTRIER ACQUIRES 95% OF THE SHARES IN STANGES GÅRDSPRODUKTER FROM THE BAHRE FAMILY, ARNT-HARALD STANGE AND PETER ARONSEN

Stanges Gårdsprodukter has delivered premium chicken to the Norwegian market for more than 20 years, being a favorite of several of the best chefs in Norway. The acquisition will give REMA 1000 access to the quality products offered by Stanges Gårdsprodukter.

“Chicken in general is a priority area for REMA 1000. Stanges Gårdsprodukter offers quality that an increasingly health and quality conscious customer appreciates, where white meat represents an important source for healthy proteins. This is a part of our overall strategy offering more premium products at leading prices – made possible by our efficient distribution set-up” says CEO of REMA 1000, Ole Robert Reitan.

Stanges Gårdsprodukter delivers to retailers, restaurants and hotels. The customer list includes Engø Gård, Feinschmecker, NorgesGruppen, COOP and ICA. Stanges Gårdsprodukter also has its own premium shop at Mathallen in Oslo. Stanges Gårdsprodukter had revenues of approximately NOK 60 million in 2012.

“Stanges Gårdsprodukter has always produced first class chicken. To us, feed, environment and time are critical in achieving premium chicken quality. We produce among other products, LandkyllingTM and markets our premium products under the Stangekylling brand. Stangekylling is a quality concept in Norway, and this position shall be maintained and developed going forward. Our brand represents high quality and we shall continue giving our customer great food experiences and new tastes. Together with our new owner we will be able to achieve this, as well as strengthening the operations” says CEO of Stanges Gårdsprodukter, Peter Aronsen, who will remain with a 5% share in the company.

Nordhaven has been exclusive financial advisor to BahreBra AS, Arnt-Harald Stange and Peter Aronsen.
Read more
2013
Advisor to
on the sale to
2012
Advisor to
on the sale to
The deal:
Fische Marine is a large wholesaler and importer of outboard engines, leisure boats and maritime equipment.

Fische Marine has an exclusive import and distribution agreement with Bombardier Recreational Products (BRP) promoting Evinrude outboard engines in Norway, Sweden and Finland. Fische Marine is today BRPs largest customer, even on a worldwide basis. The company has established a considerable dealer network in Norway, Sweden and Finland – approximately 50% of BRP’s turnover in the Western Europe comes from sales through Fische Marine. All operations are controlled from the large and modern distribution facility and workshop at Sætre in Hurum.
The company also imports leisure boat brands like Zodiac, XO boats, Galia and Sting.

Fische Marine AS was part of Fische ASA, a family owned company with headquarters in Trondheim. Since 1931, the company has been in continuous development, and Fische ASA has today operational responsibility for various businesses in several industries.

Fische Marine had a turnover of 236 MNOK and an EBITDA of 17 MNOK in 2011.

Nordhaven has been exclusive financial advisor to Fische Marine.
Read more
2012
Advisor to
on the sale to
2012
Advisor to
on the sale to
The deal:
ONTHESNOW TO ACQUIRE SKIINFO, EUROPE’S MOST VISITED SKI AND SNOWBOARD WEBSITE, TO CREATE THE LARGEST GLOBAL MEDIA SNOW SPORTS PLATFORM
Mountain News Corporation, publisher of OnTheSnow, the world’s most visited snow sports online and mobile platform, is expanding its reach with the acquisition of Skiinfo, Europe’s most visited snow sports website. This acquisition will increase Mountain News Corporation’s reach in key European ski markets and creates a total audience of more than 23 million unique visitors per year. The combined companies will operate in 14 languages and 20 countries.

Established in 1996 in Oslo, Norway as a snow reporting website, Skiinfo.com expanded over the years adding offices in Germany, France, Italy and Slovakia, and has become the top ranked source for snow reports and snow sports information in Europe with an audience of 11 million unique users in 2011.

“This acquisition allows us to combine the dominant snow sports leader in North America with the leader in Europe to create the first ever, truly global snow sports media platform,” said Chad Dyer, global managing director of Mountain News Corporation. “With a combined 23 million unique visits per year, we will be able to offer advertisers access to skiing and snowboarding enthusiasts around the world — one of the most coveted demographics in media. The combined companies also will be able to offer skiers and riders the most comprehensive global snow sports content and most robust worldwide snow reports.”

According to Dyer, with the combination of OnTheSnow and Skiinfo’s snow reports, the new company will provide snow reports to more than 1,500 worldwide websites and international media companies, and will provide advertisers with an expanded reach and capabilities to reach skiers on a global scale.

The acquisition remains subject to certain conditions and is expected to close on February 1st, 2012.

ABOUT MOUNTAIN NEWS CORPORATION
Mountain News Corporation (MNC), a subsidiary of Vail Resorts, Inc. (NYSE: MTN), is the publisher of OnTheSnow & the Ski Report mobile applications. MNC, is also a top provider of snow reports to more than 1,500 web sites throughout the world, including approximately 400 news media websites. In addition to its snow reports and website, OnTheSnow.com publishes and delivers a weekly e-mail newsletter to its database of more than 300,000 subscribers worldwide. MNC also operates MountainGetaway.com, the year-round headquarters for information regarding popular mountain resort communities and regions in the summer months.

ABOUT VAIL RESORTS
Vail Resorts, Inc., through its subsidiaries, is the leading mountain resort operator in the United States. The Company’s subsidiaries operate the mountain resorts of Vail, Beaver Creek, Breckenridge and Keystone in Colorado, and Heavenly and Northstar in the Lake Tahoe area of California and Nevada, and the Grand Teton Lodge Company in Jackson Hole, Wyoming. The Company’s subsidiary, RockResorts, a luxury resort hotel company, manages casually elegant properties. Vail Resorts Development Company is the real estate planning, development and construction subsidiary of Vail Resorts, Inc. Vail Resorts is a publicly held company traded on the New York Stock Exchange (NYSE: MTN). The Vail Resorts company website is www.vailresorts.com and consumer website is www.snow.com
Read more
2012
Advisor to
on the sale to
2011
Advisor to
in a private placement in the company
The deal:
Nordhaven advised Fitness Group Nordic in a private placement in the company. Fitness Group Nordic is the owner and operator of the EVO fitness centers.
Read more
2011
Advisor to
in a private placement in the company
 

Healthcare

  • In recent years, the healthcare and wellness industries have been developing swiftly due to increasing innovations and strong domestic and international consolidation trends.
  • We have an extensive track record and advisory expertise in childcare, child welfare, mental health, and other therapy services, as well as in elderly, occupational, and out-patient care.
  • We also have in-depth experience in veterinary care services.
Selected transactions
2021
Advisor to
on the sale to
The deal:
Omaeläinklinikka and Evidensia to form the industry leader in veterinary care in Finland
Nordhaven advised Omaeläinklinikka, Korona Invest as well as other owners on the sale of the company to Sweden-rooted IVC Evidensia. IVC Evidensia is Europe’s largest veterinary care provider with operations in 12 countries and its main owner are the funds advised by EQT. The combined Finnish entity operates a network of some 50 clinics, hospitals and out-of-hour centers across the country and has a topline of approx. €90 million. Omaeläinklinikka’s strong brand is planned to be utilized also following the transaction.

Prior to the transaction Omaeläinklinikka was one of the very few larger Nordic platforms available for further veterinary industry consolidation. The company has ca. 450 employees who cater annually some 140,000 physical & digital visits for pets and their owners. The company enjoys very high customer satisfaction.
Once again impressive exit process with very good outcome arranged by Nordhaven for us! The investment story was of high quality, the selection of international buyers was perfect and the sales process well-controlled and competition was kept up until the last day. Working with you is always very easy, fun and we value your independent thinking and working. The sellers are extremely satisfied with the financial outcome.
—  Pasi Lehtinen, managing partner at Korona Invest
Read more
2021
Advisor to
on the sale to
2021
Advisor to
backed by
on the sale to
The deal:
Nordhaven advised Swedish private equity investor Scope Capital on the sale of its close to 50% ownership in FootBalance to UK domiciled private investment company IPGL. IPGL is a private investment company of Lord Spencer. As part of the transaction certain shareholders also sold parts of their ownerships.

As 75% of the world population is living with health and wellbeing issues relating to foot misalignment, FootBalance started in 2006 to develop technologies for analyzing foot health and misalignment as well as for correcting those with customized & personalized products that are suitable for international mass market (distribution and price point).

Today FootBalance is a Nordic foot health technology company providing personalized fit through advanced technologies to the mass markets. The company has a strong IP portfolio and sales in the Nordics, Europe, USA, and Asia. With the company’s 3D foot scanning technology, the customers can shop for customized products online. The Company has conducted more than 5 million foot analyses and sold over 4 million pairs of custom insoles.
“FootBalance is a highly attractive wellness technology company with strong IP, international presence, and highly profitable business model. We trust that with stronger shoulders the company will have very bright future.”
—  Timo Lappalainen, partner at Nordhaven
Read more
2021
Advisor to
backed by
on the sale to
2021
Advisor to
on the sale to
The deal:
Helsetelefonen is a leading Norwegian telehealth provider with more than 15 years track-record. Helsetelefonen has had 1,000,000+ online consultations with 1,500,000+ households connected to the service through several of the largest insurance companies in Norway.
We found the best partner in Volvat. As an integral part of the highly skilled medical community in Volvat, Helsetelefonen is convinced that existing services will be even better. Together, we will develop new, good and innovative e-health services for the benefit of a unified health Norway.
—  Jan Einar Vaage, CEO of Helsetelefonen
Read more
2021
Advisor to
on the sale to
2020
Advisor to
on the sale of
to
The deal:
Nordhaven advised Pilke Päiväkodit and its owners on the sale of the company to Norway-rooted family company Læringsverkstedet. Following the transaction Læringsverkstedet will be the largest daycare group in the Nordics and one of the largest globally with combined sales of approx. €450 m in 2019 and operations in Norway, Sweden, Finland, Germany, Dubai and Latvia. Following the acquisition of Pilke Päiväkodit Læringsverkstedet plans to continue to grow in its existing countries as well as to increase its overall presence outside the Nordic region significantly.

Pilke Päiväkodit is a market leading private daycare company in Finland and it is well-known for high quality in its early education as well as substantial benefits created for municipalities. In addition to providing daycare services to over 10.000 children in over 150 daycare centres across Finland, Pilke Päiväkodit provides also after-school club and child home care services to its customer families. Throughout years Pilke Päiväkodit has been a regular study excursion destination for numerous Asian and European daycare operators who are interested in learning more about the benefits of the Nordic early education curriculum and benchmarking their operations with Pilke.

Pilke Päiväkodit has been majority owned by Finnish private equity investor Korona Invest since 2012. During Korona Invest’s ownership period the company has grown its sales from approx. €1.5 million to close to €100 million, it has opened over 50 new day care units nationwide and hired close to 2.000 daycare professionals.
“I am truly impressed by the work done by Nordhaven. The combination of compelling fact-based story-building and tactical skills, deep M&A and debt advisory expertise, high service level and a lot of laughs are Nordhaven’s ingredients for a highly successful international sales process. With the help of Nordhaven we were able to find the best home for Pilke and we are very proud to join an international market leader in our strongly developing industry segment.” says Kai Seppälä, founder of Pilke Päiväkodit.
Read more
2020
Advisor to
on the sale of
to
2020
Advisor to
on the sale to
The deal:
The acquisition enables a leading provider of digital solutions within speech recognition, documentation and transcription services to the Nordic health care industry, to increase the work efficiency of health personnel and free more time for direct patient care.

Max Manus Group is the leading Scandinavian distributor of speech recognition solutions for healthcare professionals, providing customized speech recognition and digital dictation solutions to hospitals in Norway, Sweden, and Denmark. Max Manus’ operational business is structured through the companies, Max Manus AS (Norway), Max Manus AB (Sweden) and Max Manus A/S (Denmark). The companies have historically not been consolidated, which has caused certain transactional obstacles for Management and Nordhaven to overcome.

“The spread of COVID-19 has increased the load on the healthcare system in all the Nordic countries. Efficient digital solutions as we provide, contribute to increase the capacity and therefore increase the ability to handle crisis situations. We see great opportunities going forward to help the healthcare system further free capacity, and at the same time relieve health care personnel which experience pressured working environments, also under more normal circumstances than what we have today” – Martin Elster, CEO Max Manus.

“We aim to be the Nordic-leader in liberate healthcare personnel’s time for direct patient care. Today, only 30% of healthcare personnel’s time is used on direct patient supervision. Our ambition is to double time for direct patient supervision from today’s levels by supplying transcription and speech recognition solutions. Specifically, this relates to enabling digitalization and usage of AI technology” – Henric Carlsson, CEO Conscriptor.

“There is a potential for an increase in efficiency in the Nordic healthcare sector, and we believe that administration and process handling will be further digitalized. We believe that Max Manus and Conscriptor possess the knowledge and solutions within documentation and transcription that will contribute to fundamental changes of administrative processes in the healthcare sector. The solutions will at the same time liberate time for direct patient care for doctors and other healthcare personnel” – Bjarne Lie, Managing Partner Verdane.

About Verdane

Verdane is a specialized growth investor cooperating and investing in ambitious, Northern European, technology companies, supporting further international growth. With a total of more than NOK 17 billion of committed capital, Verdane funds have invested in more than 120 companies in the growth sectors, including high-tech industrials, e-commerce, software, energy- and resource-efficiency and financial services. Verdane has more than 50 employees and offices in Berlin, Copenhagen, Helsinki, London, Oslo and Stockholm.

About Conscriptor

Conscriptor is Sweden’s largest supplier of journal documentation services and dictation solutions for hospitals and clinics. Conscriptor was founded in 2006 in Orust, Sweden and today employs more than 200 people. Conscriptor is behind, amongst others, Europe’s most popular dictation app within the health care sector, MedSpeech, and today handles approximately 10% of all journal documentation in Sweden.

About Max Manus

Established in 1946 by the Norwegian WWII hero Max Manus, the company initially sold office supplies, however developed to be a leading provider of speech recognition and dictation solutions in Scandinavia. Their speech recognition solution is currently used by more than 10,000 healthcare professionals and the digital dictation platform has over 20,000 users. Today Max Manus is present in Denmark, Norway and Sweden, and have more than 50 employees located in their offices in Oslo, Århus, Copenhagen and Gothenburg.
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2020
Advisor to
on the sale to
2019
Advisor to
on the sale of their shares in
to Aquanova Invest
The deal:
Nordhaven Corporate Finance acted as exclusive financial advisor to the Norwegian Ministry of Trade, Industry and Fisheries (Nærings- og Fiskeridepartementet – NFD) in the sale of their 34 % share in Veterinærmedisinsk Oppdragssenter AS (VESO), to Aquanova Invest AS.

For further information regarding the sale, see the press release from the Norwegian Ministry of Trade, Industry and Fisheries: https://www.regjeringen.no/no/aktuelt/staten-har-solgt-seg-ut-av-veterinarmedisinsk-oppdragssenter-as-veso/id2652739/.

About VESO

VESO was established by the Norwegian Agricultural Research Council 1988. The company has two business areas: distribution of pharmaceuticals for animals in the Norwegian market and clinical infection tests on fish in connection with vaccine development, feed development and breeding. The company is headquartered in Oslo, with distribution centres in Oslo, Vestby and Puerto Varas in Chile, while the clinical laboratory for fish infections is located outside Namsos in Trøndelag, and Colaco in Chile. The company's operating revenue, including subsidiaries, totalled MNOK 567 for 2018 with an EBITDA of MNOK 14.
Read more
2019
Advisor to
on the sale of their shares in
to Aquanova Invest
2018
Advisor to
on the acquisition of home care, ambulance and staffing of medical personnel businesses of
from
The deal:
We advised Tradeka-Yhtiöt Ltd ("Tradeka") in the acquisition of Med Group’s home care services, ambulance services and staffing of medical personnel businesses.

In the transaction, a consortium consisting of Tradeka and Colosseum Dental Group (“Colosseum”), owned by Swiss Jacobs Holding, have agreed to acquire 100% of the shares in Med Group Holding Oy from Adelis Equity Partners Fund I, the company’s founders and management. Tradeka acquires home care services, ambulance services and staffing of medical personnel businesses, while Colosseum acquires the private dental care operations. Tradeka is a Finnish consumer co-operative founded in 1917 with c.230,000 members nationwide in Finland with revenue of €551m and pre-tax profit €108m in 2017.
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2018
Advisor to
on the acquisition of home care, ambulance and staffing of medical personnel businesses of
from
2017
Advisor to
on the sale to
The deal:
Biomega (Marine Bioproducts AS) is the leading Norwegian producer of high quality salmon meal, salmon oil and marine peptones for the pet food industry. The products are food grade, and delivered to premium, super premium and veterinary pet foods producers globally. Biomega uses fresh raw material in a natural digestive process avoiding use of chemicals and ensuring very high quality products.
 
Amerra Capital Management is a New York based agribusiness asset management firm, and the acquisition of Biomega marks its second entry into the seafood area.   
 
We acted as financial advisor to the majority shareholders, Bjørnstad & Jendal AS and Redor AS.
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2017
Advisor to
on the sale to
2017
Advisor to
on the sale to
The deal:
AddLife acquires Norwegian Hepro Group - leader in home care products and welfare Technology AddLife signed an agreement today for the acquisition of all shares in the Three companies of the Hepro Group: Hepro AS, Mektron AS and Hepro Sverige AB. The Hepro Group develops, designs and markets assistive technology within home care
and welfare technology. These products facilitate health care and social services in the home, a market undergoing strong growth. The acquisitions will be a positive addition to the other companies in AddLife’s Medtech business area.
-“With a growing and aging population throughout the Nordic region, there is a strong need for assistive equipment for home care, and it is only expected to grow stronger. The acquisition involves functional products and digital welfare technology that will provide greater independence, activity and security for people with disabilities”, says Kristina Willgård, CEO, AddLife.
The Hepro Group is successfully positioned in the Norwegian market as one of the leading companies in home care and welfare technology. The companies' Products and solutions are currently sold primarily to public sector and private healthcare players, with some sales directly to the end consumer. The Companies have 40 employees and sales of NOK 155 million, mainly in the Norwegian market.
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2017
Advisor to
on the sale to
 

Industrials

  • We have a deep understanding of the dynamics of the industrial businesses thanks to our wide transactional history since the 1990s.
  • Our in-depth experience includes most sub-sectors, covering industrial products & services, construction & building materials, electronic equipment & components, chemicals & plastics, packaging and plant, machinery & equipment.
Selected transactions
2022
Advisor to
on the sale of
to
The deal:
Nordhaven advised Nasdaq Helsinki-listed Reka Industrial in the sale of Reka Cables to French Nexans
Nordhaven advised Nasdaq Helsinki-listed Reka Industrial in the sale of Reka Cables to French Nexans.

Reka Industrial Plc has signed an agreement with Nexans Group regarding the sale of all shares in Reka Industrial’s wholly owned subsidiary Reka Cables Ltd. Reka Cables operates the cable business of Reka Industrial. Nexans is one of the leading suppliers in cable technologies and services.

Purchase price of the shares is EUR 53 million which will be paid in cash. According to the Finnish Accounting Standards the net debt of Reka Cables at the end of September 2022 was EUR 6.5 million. Reka Cables represent c. 85% of Reka Industrial’s revenue. After the announcement the Reka Industrial’s share price increased approximately 60%.

The acquisition of Reka Cables will further contribute to Nexans’ ability to serve its Nordic customers with high quality and safe cables in the region. This acquisition is seen to benefit the teams of both Reka Cables and Nexans, with synergies and development opportunities ahead of them.

Reka Cables is the largest Finnish-owned cable manufacturer, which has been at the forefront of the cable industry for more than 60 years. Reka Cables provides durable, high-standard cable solutions for renewable energy production, network construction, industry as well residential and office construction. Reka Cables has round 270 employees and the turnover in 2021 was EUR 134 million.

Nexans is headquartered in Paris, France and operates in 42 countries employing approximately 25,000 people. Nexans’ turnover in 2021 was EUR 6.1 billion. Prior to the completion of the transaction, Nexans has had no production in Finland.

The transaction is conditional to the approval of the Extraordinary General Meeting of Reka Industrial and approvals by the relevant regulatory authorities.
We thank Nordhaven for very well managed process and especially negotiations. Nordhaven’s knowledge and advice of cross-border M&A between public companies was essential to make this deal happen. In addition to the excellent financial result, we are happy that Reka Cables will have a great operational continuity with Nexans”.
—  Markku E. Rentto, Chairman of the Board in Reka Industrial
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2022
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on the sale of
to
2022
Advisor to
on the sale to
backed by
The deal:
MV-Jäähdytys Oy and Altor backed NCG to form one of the largest specialized Nordic players in cooling & heating
Nordhaven advised MV-Jäähdytys Oy and its owners on the sale of the company to Altor backed Nordic Climate Group (NCG). Following the transaction NCG will be the largest specialized player for installations and maintenance work in the cooling & heating sector in the Nordics. The combined entity has operations in Sweden, Norway, and Finland, and it also has an active expansion strategy outside its current operating region. Following the ownership change, MV-Jäähdytys plans to further accelerate its organic and non-organic growth in Finland.

MV-Jäähdytys is a market-leading specialized player in Finland for cooling & heating services. Some 80% of the company's revenues are based on service, with approx. 2,000 clients covering over 45,000 devices across a range of industries. One unique differentiating factor for MV-Jäähdytys is digitalization: through its IT platform the company collects and utilizes different types of data in its operations that facilitate higher quality service for its entire customer base.

MV-Jäähdytys has been majority-owned by Finnish private equity investor Korona Invest since 2018. During Korona Invest's ownership period the company has become the leading pure play service company in its sector in Finland. Since 2018, MV-Jäähdytys has grown its sales from approx. €7 million to close to €30 million, multiplied its service base from less than 10,000 to over 45,000 devices, and hired close to 200 professionals.
Once again Nordhaven has done a tremendous job in exceeding expectations set for the MV-Jäähdytys exit process! The preparations for a competitive sales process while also advising on pre-process discussions is both resource and time intensive. All this was done with a high service level, in a highly committed professional manner - and without forgetting a good sense of humor. The outcome for the sellers as well as for the future of MV-Jäähdytys is excellent!".
—  Juho Mäkiaho, Partner at Korona Invest
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2022
Advisor to
on the sale to
backed by
2022
Advisor to
on the sale to
backed by
The deal:
Nordhaven advised Nortrafo, a leading producer of transformers in the sale to Stedi/Salvesen & Thams
Stedi, backed by Salvesen & Thams (S&T) have entered an agreement to acquire 70% of Nortrafo. Existing owners will continue in Nortrafo and own 30%.

Nortrafo, with traditions back to the 1950’s is the largest independent producer of distribution transformers in the Norwegian market. The company’s production facility is located in Steinkjer with a capacity to produce 2,500+ transformers annually to Norwegian grid operators, industrials, contractors and retailers/distributors across Norway.

“Today's owners have had a desire to find an industrial partner with expertise and strength, in order to participate in Nortrafo's further growth. We are therefore very pleased that we are now bringing in a long-term local investor, with an industrial background and expertise”, says CEO in Nortrafo Rune Evjen.

S&T is a regional investment company with headquarter in Orkanger and manages over NOK 2.5 billion, mainly invested in companies located in central Norway with strong domestic and international position. Stedi, a newly established fund, aim to contribute to develop competitive medium-sized companies in the Central Norwegian region with focus on industry and technology. Nortrafo is the fund's first investment.

“Nortrafo is a well-run company founded on solid industrial expertise that has been built over many decades related to the development and production of distribution transformers at Steinkjer. The company delivers to an industry in rapid change and growth, and we will support the company to also in the future continue to supply competitive products and services that meets customers’ demand and expectation” says Ole Petter Bjartnes, CEO of Stedi.

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2022
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on the sale to
backed by
2021
Advisor to
on the sale to
The deal:
Nordhaven advised the shareholders of Greene in a sale to Norvestor backed VENI Energy Group
Nordhaven advised Greene and its shareholders in the sale of the company to VENI Energy Group which is backed by Nordic private equity investor Norvestor. Greene is one of the leading energy sourcing service providers in the Nordics, serving approximately 3,000 Finnish and Swedish SMEs with over 500 GWh of energy annually. In addition, the company provides services related to green energy sourcing and certificates.

Through the transaction, VENI Energy Group became the clear market leader in Finland and the transaction strengthened its strategic position in the Swedish markets. The combined entity has further capacity and capabilities to develop services for Greene’s customers.

VENI Energy Group is a leading Nordic player in energy services and sourcing, securing annually more than 8TWh of electricity for more than 40,000 corporate customers in Finland, Sweden and Norway. In addition to energy sourcing services VENI Energy Group offers protection against energy price volatility, energy invoice audits, energy management and smart metering services to property owners. VENI Energy Group has a sales level of approx. €100 million.
Our business model is complex, and the argumentation of our outlook is not the simplest. Nordhaven played very crucial role in helping the potential buyers to truly understand our business and its potential. In this case this was the largest contributor to the outstanding outcome of the sales process.
—  Matti Koskelo, Chairman and one of the owners of Greene
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2021
Advisor to
on the sale to
2020
Advisor to
on the sale to
The deal:
Nordhaven acted as financial advisor to the owner-family of Stala in a strategic European consolidation transaction. In the arrangement Stala was 100% sold to Slovenian Kovinoplastika Lož Group (“Kovinoplastika”). With the acquisition, Kovinoplastika strengthens its strategic goal to be among the three largest kitchen countertops and sinks manufacturers in Europe. Kovinoplastika’s products are sold in more than 50 countries and following the transaction Stala-branded products will be available in a wider geographical market.

Stala, founded in 1972, has a net sales level exceeding €11 million and strong profitability. The company employs close to 50 people. Stala’s key product groups are sinks and countertops for home kitchens, various waste sorting products as well as mailboxes.

Kovinoplastika was founded in 1954 and it has operations in 7 European countries and approx. 700 employees. The company operates in 3 markets: Window and door mechanisms (Fittings); Industrial molds (Toolshop) and Kitchen sinks, cookware and similar utensils (Inox). Kovinoplastika's net sales exceed 60 million euros and it is owned by the funds managed by private equity investor KJK Management.
For me and other family members it is very important that with the help of Nordhaven we could find a new owner who is committed to develop Stala’s operations in Lahti and support STALA brand grow further internationally” says Tuija Rajamäki.
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2020
Advisor to
on the sale to
2020
Advisor to
on the acquisition of
Nordic Road Services Sweden and Finland
The deal:
Nordhaven advised Frankfurt listed Mutares in the acquisition of NCC Road Services Business in Sweden and Finland from NASDAQ Stockholm listed NCC. The acquired business is among the market leaders in both geographies. It offers comprehensive solutions within road operations and maintenance. Services include e.g. snow handling, road supervision, road maintenance, traffic signs, wildlife fences and road markings.

Mutares looks forward to supporting the initiatives already taken by the management and to develop the business even further as a stand-alone operation. The management has identified several opportunities and growth avenues that can be taken on together as a result of this transaction. Mutares is convinced that the cooperation with the motivated management will lead to further strengthening of the already strong market position in the Nordic markets.

NCC Road Services Business in Sweden and Finland is a part of the Infrastructure Business Area. NCC is one of the leading companies in the Nordics within construction, infrastructure and property development, with sales of about SEK 57 billion and 15,500 employees in 2019. The NCC share is listed on NASDAQ Stockholm.

Mutares SE & Co. KGaA is a holding company that acquires (parts of) companies that have a turnover of around EUR 50 to 500 million. It actively supports and develops its portfolio companies with its own investment and expert teams and through strategic add-on acquisitions.

Niklas Lönnberg, Associate Partner at Nordhaven, says: “The transaction is yet another example of a deal in our Nordic home markets. We do our utmost for our clients every time and are happy when we can contribute to the success of our clients.”

The transaction is expected to be completed during Q3/2020.

“The deal execution capability of Nordhaven in an international M&A transaction is impressive. They had the finger on the pulse throughout the whole process, and due to the activity and process coordination expertise of Nordhaven, timely decision making was possible. Not of course forgetting about the strategic advice that they gave to enable this important transaction. We are very pleased with the outcome”, says Jesse Petäjä, Manager at Mutares Nordics
Read more
2020
Advisor to
on the acquisition of
Nordic Road Services Sweden and Finland
2020
Advisor to
and its owners on the sale to Swedish listed
The deal:
Nordhaven Corporate Finance advised Jouka Oy and its owners on the sale of the company to Swedish listed Indutrade Group.

Jouka designs and manufactures ball valves and ball valve units. The company offers customized products with a high degree of customer specific R&D. Customer segments include machine building, marine, processing, and pulp & paper industries primarily in the Finnish market. Jouka’s annual net sales are approximately EUR 6.5 million.


“We are extremely pleased with the outcome of the process” says Risto Lehtimäki, one of the owners and the Chairman of the board at Jouka. “The whole process was extremely smoothly run by the Nordhaven team and it was a real pleasure working with them” he continues.
Read more
2020
Advisor to
and its owners on the sale to Swedish listed
2020
Advisor to
on the acquisition of UK based
The deal:
Nordhaven Corporate Finance jointly with its Clairfield UK partner office advised Helsinki-listed Incap Group in its acquisition of AWS Electronics Group in the UK (“AWS”). Nordhaven Corporate Finance jointly with its Clairfield UK partner office advised Helsinki-listed Incap Group in its acquisition of AWS Electronics Group in the UK (“AWS”).

AWS provides high complexity EMS services for the automotive and transport as well as aerospace industries and for appliances such as scientific instruments and controls. It has production facilities in Newcastle-under-Lyme, UK, and in Namestovo, Slovakia.

In the financial year ended on June 30, 2019, AWS generated revenue of GBP 35 million (approximately EUR 41 million) and EBITDA of GBP 2.1 million (EUR 2.5 million). The Enterprise Value of the transaction is GBP 14.8 million (EUR 17.4 million) including an earn-out.
We are happy and thankful for the whole team that worked together with us in this transaction. The integrated Clairfield advisory team from Finland and the UK was able to provide solutions that were central in the deal making”, says Otto Pukk, President and CEO of Incap Group.
Read more
2020
Advisor to
on the acquisition of UK based
2019
Advisor to
and its owners on the sale to
The deal:
Nordhaven Corporate Finance advised valve manufacturer Högfors and its owners in the sale of the company to ARI-Armaturen Group, a mid-sized German valve manufacturing company. Högfors, established in 1927, is a Finnish manufacturer of high-quality valves for district heating, district cooling and process industries.
It was a pleasure to work with Nordhaven. With their help, we were able to find the best new owner for Högfors, who can support the company’s growth strategy and strengthen its international operations. We are extremely pleased with the outcome and on the way Nordhaven guided us through the process” says Pekka Karhumäki, Chairman of the Board at Högfors.
Read more
2019
Advisor to
and its owners on the sale to
2019
Advisor to
on the sale of their shares in
to Aquanova Invest
The deal:
Nordhaven Corporate Finance acted as exclusive financial advisor to the Norwegian Ministry of Trade, Industry and Fisheries (Nærings- og Fiskeridepartementet – NFD) in the sale of their 34 % share in Veterinærmedisinsk Oppdragssenter AS (VESO), to Aquanova Invest AS.

For further information regarding the sale, see the press release from the Norwegian Ministry of Trade, Industry and Fisheries: https://www.regjeringen.no/no/aktuelt/staten-har-solgt-seg-ut-av-veterinarmedisinsk-oppdragssenter-as-veso/id2652739/.

About VESO

VESO was established by the Norwegian Agricultural Research Council 1988. The company has two business areas: distribution of pharmaceuticals for animals in the Norwegian market and clinical infection tests on fish in connection with vaccine development, feed development and breeding. The company is headquartered in Oslo, with distribution centres in Oslo, Vestby and Puerto Varas in Chile, while the clinical laboratory for fish infections is located outside Namsos in Trøndelag, and Colaco in Chile. The company's operating revenue, including subsidiaries, totalled MNOK 567 for 2018 with an EBITDA of MNOK 14.
Read more
2019
Advisor to
on the sale of their shares in
to Aquanova Invest
2019
Advisor to
on the sale to
The deal:
Nordhaven Corporate Finance advised Øyhovden Invest AS in the sale of Furnes Jernstøperi AS to the Danish Industrial group AVK Group. The sale also includes the subsidiaries and sister companies Øyhovden Trading AS and Randers Jernstøperi AS.

Through 40 years of active ownership, the Øyhovden family has been instrumental in the development of Furnes Jernstøperi AS. The family had an ambition to find an industrial, long-term owner with a willingness to support the business going forward. The family is pleased to enter into the agreement with AVK Group, which is perceived as a good fit both in terms of people, competence, energy and the desire for continued long-term development of the business. AVK Group is a solid international industrial player, with a well-recognized value perspective. Øyhovden Invest AS is therefore confident that the company will continue its great development shown in recent years.

Furnes Jernstøperi AS was established in 1958 in Brumunddal, Norway and moved to Stange municipality in 1967, and is today a world-class producer of manhole covers and associated products. Since 2016, the business has grown from a turnover of NOK 234 million (EUR 24 million) to NOK 310 million (EUR 32 million) in 2018, with solid financial results.

About Øyhovden Invest AS

Following the sale, Øyhovden Invest AS will continue to be an active owner in Hamjern AS, Core-tech AS, Container Gruppen Norge AS, Munck Cranes AS and Hamjern Eiendom AS. These companies are expected to have revenue of approximately NOK 420 million (EUR 44 million) in 2019, and currently have about 150 employees.

About AVK Group

With a turnover of NOK 7.2 billion (EUR 750 million), the AVK Group is a global market leader in valves and hydrants, which are part of vital infrastructures in the form of water and gas supply, waste water treatment and fire control, as well as a large number of industrial applications. AVK is family owned and has its headquarters in Skovby / Galten near Aarhus in Denmark. The Group has more than 100 production facilities and sales offices worldwide, and employs just over 4,000 people.
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2019
Advisor to
on the sale to
2018
Advisor to
on the sale to
The deal:
Nordhaven Corporate Finance advised the Swedish investment company Ratos AB on the sale of Jøtul AS to OpenGate Capital for approximately NOK 360m (enterprise value).

Founded in 1853, Jøtul manufactures stoves, fireplaces and inserts. Jøtul is a world leading brand and with global distribution and strong market positions. Manufacturing mailny takes place in the company´s own manufacturing facilities in Norway, USA and Denmark. Jøtul´s sales and operational EBITA amounted to NOK 898m and NOK 11m, respectively, per rolling 12 months as of September 30, 2017.

The transaction is expected to be completed during the first quarter of 2018.

Ratos was advised by a Nordhaven cross-border team from the Stockholm and Oslo offices.
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2018
Advisor to
on the sale to
2018
Advisor to
on the sale to
The deal:
We advised Pohjolan Energia on the sale to MB Funds, the Finnish PE house. Pohjolan Energia is the leading small-scale solar energy system provider in Finland. The fast growing company operates nationwide and provides rooftop solar energy systems as a turnkey solution through its 15 sales offices. Pohjolan Energia employs today more than 150 solar energy professionals and has reached a net sales level of EUR 20 million.
I have been involved in numerous sale processes during my career but the international auction process led by Nordhaven was the best I’ve seen so far. The team’s excellent contact network and convincing professionalism brought the company and its owners very high value added at all stages of the process. We are more than happy with the outcome” comments Pekka Koskelo, Chairman of Board at Pohjolan Energia before the transaction.
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2018
Advisor to
on the sale to
2015
Advisor to
on the sale of
to
The deal:
DSG Bagdrop, founded in 2009, is a renowned specialist for self-service bag drop solutions in the aviation industry. With this acquisition, the Materna Group and DSG Bagdrop will join forces and provide a first-class self-service bag drop product portfolio that strengthens Materna's leading international position in the dynamic market segment of automated passenger handling. Baggage handling automation is booming worldwide and Materna's acquisition of DSG Bagdrop creates a strong market leader able to drive the self-service passenger processing market. Airports around the globe are currently installing self-service bag drop solutions as they can speed-up passenger check-in times dramatically. 
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2015
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on the sale of
to
2015
Advisor to
on the sale to
The deal:
Mitsubishi strengthens their position in the gas engine market through the acquisition of Gas & Diesel Power.
Mitsubishi Turbocharger and Engine Europe B.V. has acquired Gas & Diesel Power and thereby strengthens their position in the market for industrial and maritime gas engines. The acquisition is part of their strategic expansion plan in the business area, and will secure an important foothold in the market.
Today’s market situation challenges the way maritime players conduct their business, especially with respect to costs and environmental concerns. The traditional maritime engines are now being challenged by LNG gas engines, which have proven highly successful both in terms of pollution and cost effectiveness. With its international corporate reach, Mitsubishi plans to accelerate the development by applying the expertise held by Gas & Diesel Power to other markets within Europe, Middle East and Africa. 
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2015
Advisor to
on the sale to
2014
Advisor to
on the sale to
The deal:
Bravida, Norways and Scandinavias leading supplier of technical installation and service solutions, has signed an agreement to acquire Otera Elektro from the Otera Group, which is wholly owned by Agder Energi. The Bravida Group thereby continues its expansion in the Norwegian market.

Otera Elektro AS has approximately 340 employees and a turnover of about NOK 500 million in 2013 and is one of the largest pure play electrical installation and service companies in the Norwegian market. The company delivers electro installations, as well as automation and instrumentation solutions to the construction projects, industry and to the oil and maritime sector. Otera Elektro is located in Kristiansand, Bergen and Asker, and delivers services throughout Norway.

"The acquisition of Otera Elektro should be seen as an aggressive effort from our side and is part of efforts to further strengthen us in electro. The experience and expertise of the company, especially regarding solutions for the oil and marine industry, will immediately strengthen our expertise and competitiveness in this important and growing market", says Mattias Johansson, responsible for Bravidas activities in Norway.

"We are pleased to hand over the ownership and further development of Otera Elektro to Bravida. This is in line with Otera’s strategy to focus on core activities. Bravida has a clearly stated growth strategy for installation and services solutions and the employees of Otera Elektro will become an important part of that push forward", comments Hans Jakob Epland, Managing Director of Otera AS.

Terje Borch, CEO of Otera Elektro, is also very pleased to have a new industrial owner in Bravida.

"They have expressed that the employees of Otera Elektro is an important resource for them and I am convinced that the new owners will contribute to a positive development for the company", comments Mr Borch.

Bravida Norway has previously acquired Siemens Installation AS (2009) in addition to a number of smaller acquisitions. The Bravida Group has approximately 2,000 employees in 25 locations in Norway and is a leading player in the Norwegian installation and service solutions market.

The acquisition requires approval from the Norwegian competition authorities.

ABOUT BRAVIDA
Bravida is Scandinavia’s premier integrated supplier of technical installation and service solutions for buildings and plants. Bravida offers specialist expertise and integrated solutions in electrical installations, heating & plumbing and HVAC. In these three areas of technology Bravida operates at all stages of the installation – from advice and project planning to installation and service.

With 8 000 employees and net sales of about 11 000 MSEK Bravida has a strong position in the Scandinavian building services market. Thanks to our local presence in 150 locations in Sweden, Norway and Denmark, Bravida always operate close to the customer. Thanks to its size, Bravida also has the capacity required to carry out major and complex projects without geographic limitation.

Since July 31 2012 Bravida AB is owned by the private investment firm Bain Capital.

For more information please visit www.bravida.com
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2014
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on the sale to
2014
Advisor to
on the sale to
The deal:
Vigor Kristiansund AS was founded in 1972 and has extensive experience in welding, machining and fabrication of complex structures and materials for the oil, gas and subsea sector. In October 2011, the company moved into brand new and state of the art manufacturing facilities at Sub Sea Base, an industrial area which is currently experiencing significant growth in activity.

“Vigor has given us deep industry insights and a steep learning curve. It has been an interesting journey in an industry with strong underlying growth drivers. Vigor Kristiansund has taken important steps in recent years, both with respects to production facilities and development of in-house competences. Nevertheless, when Vigor now is sold to a new industrial owner, Sub Sea Services is considered to be a very good owner to further develop the company in an exciting but demanding industry,” says Erlend Olsø former chairman and representative of the former owners Salvesen & Thams, TrønderEnergi and Gjensidige Orkla.

Furthermore, Mr. Olsø particularly emphasizes the strategic fit between the two companies and that the new owner will strengthen Vigor Kristiansund reputation as a business with high technical competences and production of quality products for the oil, gas and subsea sector.

More information about Vigor Kristiansund on www.vigor.no

ABOUT SUB SEA SERVICES
Sub Sea Services Group designs and manufactures niche products for subsea drilling industry worldwide and has a solid financial platform. The company is headquartered in Stavanger with branch offices in Bergen, Kristiansund and Brazil. Sub Sea Services Group also owns 50% of Rush Maskinering and is co-owner in the Sub Sea Base, which emphasizes the company’s industrial scope and extensive involvement in the Kristiansund region.

More information about Sub Sea Service Group on www.subseaservices.no
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2014
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on the sale to
2013
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on the sale to
The deal:
Nordhaven represented the shareholders of SmartMotor in the sale of the company.

“Rolls-Royce sees great potential for this technology going forward, both with respect to enhancing our existing product portfolio as well as developing new products” Anette Bonnevie Wollebæk, Head of Communication Rolls-Royce Norden.

The management of SmartMotor and Rolls-Royce feel that the acquisition is the right move for both businesses, and one that will be beneficial in terms of expanding SmartMotor capabilities and opening up future opportunities, not to mention enabling us to become part of a global business with significant research and development resources available.

”Helping Nordic technology-based companies make the transition from local companies to global niche leader positions is a core focus area of Verdane Capital Advisors. SmartMotor is yet another example of how a Norwegian company attracts the attention of a leading global player like Rolls-Royce. We are proud of what this organisation has achieved over the last seven years, and believe Rolls-Royce has secured a strong platform for continued technology leadership inside SmartMotor’s selected niches,” says Bjarne Lie, Managing Partner at Verdane Capital Advisors and Chairman of the Board of SmartMotor.

ABOUT SMARTMOTOR
SmartMotor offers customised, compact, highly-efficient, high-torque electrical machines with drives and controls. The concept is based on patented Permanent Magnetic (PM) technology. Most machine designs are customized to specific, high-torque applications often operating in very harsh and demanding environments, e.g. renewable power generation systems, marine propulsion, winches, pumping and drilling applications for applications such as RIM drive thrusters, contra-rotating wet machines, large diameter wind generators and high-power density pumps. SmartMotor technology makes it possible to replace existing hydraulics and induction machines, while also providing lower weight, ease of maintenance and improved efficiency ratio. Today, SmartMotor’s technology is deployed within three main areas: Marine & Offshore, Oil & Gas and Renewable Energy Power Generation applications.

The largest former owners of SmartMotor include Verdane Capital V, Trondheim Næringsinvest, Moog Holding and its employees. For more information please visit www.smartmotor.no

ABOUT ROLLS-ROYCE MARINE
Rolls-Royce has a world-leading range of capabilities in the marine market, encompassing the design, supply and support of power and propulsion systems. Rolls-Royce serves over 4,000 customers and has equipment installed on 30,000 vessels operating around the world. The company has a leading position in the integration of technologically complex systems for offshore oil and gas, merchant and naval surface and submarine vessels. A strong focus on research and development has seen Rolls-Royce become the pioneer of many important marine technologies that include; aero derivative marine gas turbines, controllable pitch propellers and waterjets.
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2013
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on the sale to
2011
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on the sale to
The deal:
KONGSBERG DEFENCE & AEROSPACE AS, A WHOLLY-OWNED COMPANY IN THE KONGSBERG GROUP (KONGSBERG), HAS ENTERED INTO AN AGREEMENT TO ACQUIRE 100% OF THE SHARES IN NORSPACE AS

Norspace was established in 2003 and is an extension of the former AME Space and Alcatel Space Norway. Norspace currently has 95 employees and is world-leading in its field of supplying high-tech components and equipment to the international space industry. The company participates in a number of international space programmes, and the company’s equipment is currently on board more than 140 satellites for customers all over the world.

As a subsidiary of Kongsberg Defence & Aerospace, Norspace will continue its business as present, and under the same management, while being able to benefit from important resources of a large industrial group with already significant presence in the space sector. Both buyer and seller consider that Norspace and KONGSBERG will mutually strengthen their growth potentials in the space sector because of the acquisition.

“Norspace will become part of a group with significant space activities, with a strong industrial and technological base and a very sound financial basis. The new ownership provides long-term assurance to our customers, suppliers and employees about Norspace’s future”, says Sverre Bisgaard, CEO of Norspace.

“KONGSBERG has had strong faith in space and surveillance for some time. The significant contracts we recently have landed confirm this faith. The acquisition of Norspace enables us to exploit each other’s expertise and market positions to grow and develop new products and markets. Both companies have demonstrated impressive development and ability to innovate in recent years, and we look forward to continue this progress and build new opportunities in a larger and more internationally robust company”, says Harald Ånnestad, CEO of Kongsberg Defence Systems.
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2011
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on the sale to
2011
Advisor to
on the sale to
The deal:
NORSK JERNBANEDRIFT AS (NJD) AND HERKULES PRIVATE EQUITY FUND III (HERKULES) INITIATE A PARTNERSHIP TO FURTHER DEVELOP THE COMPANY
NJD is one of the leading railway entrepreneurs in Norway and performs maintenance, operations, new builds, safety tasks and project execution for the railway infrastructure in Norway. The company was established in 2005 and has shown impressive growth in both revenues and employees. For 2010 the company reported revenues of NOK 226 million, and currently there are 116 employees. The headquarters are located in Porsgrunn, and NJD has in addition five local offices. NJD is involved in major railway projects across Norway.

Herkules will become the majority owner of NJD, and key employees that currently hold shares will maintain a considerable ownership share and continue to be active in the company.

The Norwegian railway infrastructure will require significant maintenance and investments over the next years. The implementation of the new transnational signaling system ERTMS will also impact the activity within and demand for railway infrastructure services.

“We see substantial opportunities in the market for NJD, and the timing is right to engage a professional partner like Herkules to further develop the company” says Ernst Terje Jakobsen, CEO at NJD.

“We are looking forward to co-operating with the competent management team at NJD, who has built an impressive company. Herkules will contribute to improved financial flexibility, and the investment rate will increase. We have strong belief in NJD, and that the company has the necessary competence to build a leading player which will impact and improve the standard of the Norwegian railway” says Tore Rynning-Nielsen, Senior Partner at Herkules.

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2011
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on the sale to
 

Business services

  • Throughout our history, we have provided advisory services to different types of B2B companies – ranging from traditional services to tech-enabled service businesses.
  • Through numerous transactions, we have gained significant advisory expertise in accounting & payroll services, business process outsourcing, engineering and technical consulting, facility management, and contract manufacturing services.
Selected transactions
2022
Advisor to
on the sale to
backed by
The deal:
Nordhaven advised in a major Nordic consolidation transaction in the B2B distribution markets of essential products
Nordhaven advised Pamark and its owners on the sale of the company to OptiGroup, which is backed by FSN Capital, a leading European player in providing reliable and sustainable supply solutions for B2B customers. Following the completion of the transaction, which is subject to customary closing conditions, OptiGroup will further strengthen its presence and offering in the Nordics.

Pamark adds value to its customers by providing a wide range of consumables, devices, and related services that are essential for its customers to run their businesses successfully. The company works for customers within various resilient and growing segments, such as healthcare, safety & hygiene, and foodservice. Pamark’s customers are from both the public and private sectors. Through its sourcing capabilities, Pamark can create a large, positive impact on its customers operations by offering competitive prices and advising on the transition towards using more sustainable consumables. Pamark was created through a merger between MedKit and Pamark in 2021, and it had a pro forma turnover of EUR 74 million (2021).

OptiGroup is a Sweden-based European group that has net sales of approximately EUR 1.4 billion and employs some 2,000 employees. The Group supports more than 105,000 customers, primarily within cleaning & facility management, hotel & restaurant, healthcare, manufacturing, and the graphical sectors, with products and customized supply solutions that streamline operations and promote a more successful business. The company has an active acquisition strategy.

“We are happy for the owners of Pamark for reaching a fantastic end result, both financially and business-wise. It is great to work with companies that have strong business models and management teams. Pamark has been highly successful despite ongoing integration work and various disconnects in both sourcing and end-customer markets due to Covid, the obstruction in the Suez Canal and the war in Ukraine", says Timo Lappalainen, responsible partner for the project.
"When we were choosing a financial advisor to help us find the right partner to continue our company's growth story, the most important things were that there must be a match in personal chemistries, including trust and sense of humour, and that we share the same strategic view regarding the sales process. The characteristics of the Nordhaven team matched perfectly with us, and our decision to choose Nordhaven as our financial advisor turned out to be the right one. Without the skills of Nordhaven’s team the final result of this sale process would not have been as successful!”
—  Minna Åman-Toivio, CEO and majority owner of Pamark
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2022
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on the sale to
backed by
2022
Adviser to
on the sale to
backed by
The deal:
Nordhaven advised Fram in joining Söderberg & Partners to build a European brokerage
Söderberg & Partners and Fram Insurance Brokers have joined forces in creating a new
European marine alliance. The ambition is to become a leading European player within Marine Insurance broking. In addition, Söderberg & Partners acquired 80% of the shares in Fram Forsikringsmegling, a subsidiary of Fram Insurance Brokers, based in Kristiansand brokering non-marine insurance.

Fram Insurance Brokers was founded in 2005 and operates as the largest independent marine insurance broker in the Norwegian market. Fram is offering a broad range of marine insurance products, providing risk advisory and broking services to marine companies worldwide.

"I believe that joining forces with Söderberg & Partners will further strengthen the ability to deliver service and innovative solutions to our clients. We look at Söderberg & Partners as a fast forward moving and decision-oriented company, with an open and fair business approach, all qualities which we at Fram find important to keep pace in a dynamic and ever-changing environment." - Per Esten Gjølmesli, CEO at Fram Insurance Brokers.

Söderberg & Partners was founded in Sweden in 2004 and is today a leading provider of wealth management and corporate insurance services in the Nordic region and the Netherlands. The company has over 3 300 employees across more than 144 offices in Sweden, Norway, Denmark, Finland, the Netherlands, Luxemburg and Spain.

"I am excited to finally be present within the marine segment. We have followed this market for a long time, and now we have found the right partner for an alliance. We believe that this cooperation will enable the partners to enhance their existing operations, create new revenue streams, benefit from economies of scale and ensure continuity for our customers." - Jørn Gisvold, CEO in Söderberg & Partners Norway and Head of Non-Life at Söderberg & Partners Group.

The transaction in the subsidiary Fram Forsikringsmegling will increase Söderberg & Partners' regional presence in Kristiansand.

"We want to be present where the customer is, which now includes Southern Norway. This is a strategically important region which we want to develop further." - Jan Kjetil Hvamstad, CCO in Söderberg & Partners.

"We are looking forward to being a part of Söderberg & Partners. This partnership will enable greater value for our customers through a broader service offering, increased purchasing power, and more effective solutions. Together we will invest significantly in the region with new employees and additional offices over time." - Bjørn Erling Stensland, CEO of Fram Forsikringsmegling.
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2022
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on the sale to
backed by
2022
Advisor to
on the sale to
backed by
The deal:
Nordhaven advised Nortrafo, a leading producer of transformers in the sale to Stedi/Salvesen & Thams
Stedi, backed by Salvesen & Thams (S&T) have entered an agreement to acquire 70% of Nortrafo. Existing owners will continue in Nortrafo and own 30%.

Nortrafo, with traditions back to the 1950’s is the largest independent producer of distribution transformers in the Norwegian market. The company’s production facility is located in Steinkjer with a capacity to produce 2,500+ transformers annually to Norwegian grid operators, industrials, contractors and retailers/distributors across Norway.

“Today's owners have had a desire to find an industrial partner with expertise and strength, in order to participate in Nortrafo's further growth. We are therefore very pleased that we are now bringing in a long-term local investor, with an industrial background and expertise”, says CEO in Nortrafo Rune Evjen.

S&T is a regional investment company with headquarter in Orkanger and manages over NOK 2.5 billion, mainly invested in companies located in central Norway with strong domestic and international position. Stedi, a newly established fund, aim to contribute to develop competitive medium-sized companies in the Central Norwegian region with focus on industry and technology. Nortrafo is the fund's first investment.

“Nortrafo is a well-run company founded on solid industrial expertise that has been built over many decades related to the development and production of distribution transformers at Steinkjer. The company delivers to an industry in rapid change and growth, and we will support the company to also in the future continue to supply competitive products and services that meets customers’ demand and expectation” says Ole Petter Bjartnes, CEO of Stedi.

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2022
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on the sale to
backed by
2022
Advisor to
on the sale to
backed by
The deal:
Nordhaven advised Convert and its owners in the sale to Pearl Group, backed by Norvestor
Convert and Pearl Group have entered into an agreement to form a new e-commerce powerhouse. Combined, Convert and Pearl Group will build a leading e-commerce company combining best-in-class customer journey and technology to ensure customers’ need. The new entity will be named PearlConvert.

PearlConvert will have 110 employees in Oslo, Riga and Gdansk. Pearl Group will after the acquisition have 330 employees in Norway, Sweden, Finland, Latvia, Poland, Ukraine, and Singapore.

“Convert is a company that has proven a lot, to where they have now emerged as a leading player within e-commerce in Norway and delivered a large number of e-commerce solutions to reputable companies such as Bohus, Eplehuset and Bjørklund. However, the most important factor for us at Pearl is the competence and culture we met there. The focus on how we can create value for customers, and a strong culture of innovation and development was an important reason why we found each other", says Geir Thoresen, CEO of Pearl Group.

"I cannot imagine a better partner for Convert than Pearl Group. Together we will offer our customers unique solutions and competitive terms from a professional environment that is stronger than ever. Our employees will have new development opportunities and exciting new challenges", says Torkel Johannessen, CEO of Convert.

Convert is one of the largest agencies within digital commerce in Norway, with over 75 employees. The company delivers market-leading technology and focuses on long-term customer relationships and value creation for its customers. This has resulted in strong and steady growth since its inception in 2015, with a number of widely respected companies on the customer list.

Pearl Group has developed e-commerce solutions for many of the region's most well-known companies. The solutions include sophisticated "click and retrieve" features that were already experiencing strong growth that further intensified during the corona pandemic. The company sees a large and continuously growing market for its services in the Nordic region and has medium-sized and large companies with advanced IT needs as its main target group.

"Pearl Group will grow to a turnover of 1.5 billion NOK by 2026. PearlConvert will be an important part of this development", concludes Geir Thoresen.
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2022
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on the sale to
backed by
2022
Advisor to
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The deal:
Nordhaven advised Dunning, Kruger & Associates in the sale to The North Alliance
Nordhaven advised Finnish digital design, engineering and business consultancy firm Dunning, Kruger & Associates (DK&A) and its owners in the sale to The North Alliance (NoA) backed by Norvestor. DK&A becomes the founding partner of NoA Finland together with Bob the Robot that was also acquired by NoA in a parallel transaction.

DK&A's designers and engineers enable some of the most respected brands to deliver real value to their customers by shipping solutions that actually matter. The company’s clients include Deutsche Bahn, Kesko, Sector Alarm, OP and Wella. DK&A was founded in 2016 and employs 75 people in Helsinki (HQ), Oulu, Wrocław, Poland, and Germany.

NoA is a Scandinavian-born creative-tech player. NoA’s full range of capabilities cover all levels of strategic transformation and helps connect the entire customer journey through business consulting, advertising and communications, digital products and platforms, brand experiences and data-driven marketing. NoA was founded in 2014 and currently employs approx. 1200 people across Denmark, Sweden, Norway, Poland and now Finland. A fund managed by Norvestor invested into NoA in 2018.

With the help of Clairfield’s technology team, buyers were introduced from 12 countries.
Having already seen several similar M&A processes from the past my experience is that they rarely are enjoyable. Against all odds — this process with Nordhaven was. The process went exactly according to the original schedule. We had global reach of over 100 buyer candidates, which we downscaled for 25 best options and met all of them. Iconic global brands having lot of interest on our company. Among the candidates we were able to find the perfect business and culture fit – a buyer we wanted to sell our company to. What can a client say when expectations are exceeded, except “Hell yeah!”? We have nothing but respect for the Nordhaven team. They did their part better than we could even imagine”.
—  Tom Jacobsson, CEO of DK&A
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2022
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2021
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on the sale to
The deal:
Nordhaven advised the fast growing SaaS company Moment in the sale to Monterro
Moment offers a tool for project management, time management, time log, resource planning, quality assurance, and invoicing. It has enjoyed a yearly growth of 50 percent for five consecutive years, and is expected to continue this trend going forward.

“We search for Nordic B2B software companies with potential to become global leaders in their niche, and we’re happy to have found Moment,” says Erik Syrén, partner at Monterro and future Chairman of the board of Moment. “We have a strong belief in the product and the people, and we look forward to working closely to develop the company.”

“Monterro stood out from the rest of the investors”, says Eivind Bøhn, CEO of Moment. “They don’t just offer their capital, but also their expertise. Monterro has extensive knowledge of the software industry — and adds valuable competence. We feel confident in our choice and that our partnership will push us forward and support our growth.”

Moment is well established, with loyal customers in the domestic market and in Iceland as well as in 15 other countries. Its clients include architecture firms, engineers and creative agencies, IT and consultancy businesses, and accounting firms. Moment plans to expand and grow outside Norway.

"Until now, Moment’s good reputation has given us a solid growth in Norway. Our ambition is to be the Nordic leader within a couple of years. We will grow organically or through add-on acquisitions. We’re now establishing a sales organization in Stockholm, and will build an extensive customer base in the Nordics. We’re already seeing the benefits of partnering with Monterro,” says Eivind Bøhn.

Since its founding ten years ago, Moment has focused on building a solution to its customers’ problems. Moment streamlines customers' operations by adding time and focus to core business and delivery items.

Eivind Bøhn continues: “By working closely with our customers, we’ve developed a product that simplifies our customers’ jobs. Our technology integrates with more than 50 systems, allowing users to move seamlessly between them. I’m proud of the good partnership and close co-operation we have with our customers — all of whom appreciate Moment.”

About Moment
Moment develops and offers a market leading software solution that enables users to get control of their projects and resources. Project management, time management, quality assurance, resource planning and invoicing exist in one, easy-to-use system. We let the data flow between the systems of choice and eliminate manual routines. Moment can be integrated with more than 50 systems, and the company works closely together with its customers to get an understanding of their needs and to improve the functionality. Moment’s vision is to be the preferred project management system in the world.

About Monterro
Monterro is a B2B software investor in the Nordics, with a mission to turn Nordic software companies into market leaders and global players within their niches. The team has successfully developed and led companies such as Pointsec, Episerver, Orc Software, Palette, and Lime – and they bring this operational experience to the Monterro portfolio, supporting the companies in all aspects of growth.
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2021
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on the sale to
2021
Advisor to
on the sale to
The deal:
Nordhaven advised shareholders of Linja Arkkitehdit in its sale to Sweco
Nordhaven advised Linja Arkkitehdit and its shareholders in the sale of the company to Sweco. Linja Arkkitehdit is one of the leading architecture companies in Finland. Linja Arkkitehdit offers versatile architectural and principal design services including building and interior design as well as land use planning and zoning for both new and renovation construction projects. The company has grown profitable every year since founding in 2006. It has over 60 employees in three locations. With the acquisition Sweco becomes one of the largest architecture companies in Finland. In total, Sweco Group has around 1,400 architects and landscape architects and is one of the world’s five largest architecture firms.
Nordhaven studied our company meticulously and developed a deep understanding of business in architectural field. With their help we were able to find Linja Arkkitehdit a new owner that shares our values and vision of good corporate culture. We could not have imagined a better advisor for us.
—  Ville Niskasaari, CEO of Linja Arkkitehdit
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2021
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on the sale to
2020
Advisor to
on the sale to
The deal:
Nordhaven Corporate Finance acted as exclusive financial adviser to Ekstralys in the sale to Röko
Röko has acquired Ekstralys AS, an e-commerce retailer based in Lindesnes, Norway.

Ekstralys is a leading e-commerce company in Norway within vehicle lighting and the company has during the last two years expanded to Sweden, Denmark and Finland. Ekstralys’s scalable setup and tech-oriented operation have allowed for profitable, +35%, annual growth.

Ekstralys was founded in 2004 and has been managed by the founder who will continue as Managing Director.

About Röko
Röko is a Swedish based investment firm with 270 MEUR in committed capital. With ambition to be a true long-term owner of European small and medium sized business. Röko has local presence in Sweden, Norway, and Germany.
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2020
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on the sale to
2020
Advisor to
on the acquisition of
The deal:
The total purchase price is SEK 200 million on a cash and debt free basis, payable through a combination of cash, equity and seller’s credit.

Optidev is a fast growing and profitable company which is expected to generate SEK 205 million in revenues in 2020 with a gross profit of SEK 113 million and EBITDA of SEK 36 million. Additionally, Optidev has an annual recurring revenue (ARR) from own developed software of SEK 22 million as of 30 June 2020, increasing Techstep's ARR by 60% to NOK ~60 million.

The combined company will be a leading IP and software-focused provider of deskless technology which help companies transform their capabilities by making work mobile, with strong established positions in Norway and Sweden, and a growing presence in Denmark. The acquisition is in line with Techstep’s communicated Nordic growth strategy.

About Techstep
Techstep is purpose-built to become a leading Managed Mobility Services provider in the Nordics. Techstep supplies hardware, software, connectivity and mobile device management bundled as a managed service. This enables enterprises and their employees to do their work across mobile devices and locations, with a high degree of security and operational stability. Techstep has 210 employees based in Norway and Sweden, serving close to 4,000 customers and 210,000 recurring revenue end-users across various industries in the private and public sectors. The company is listed on the Oslo Stock Exchange.

About Optidev
Optidev is a leading Nordic supplier of turnkey mobility solutions with focus on transportation and logistics and public safety sectors. The solutions include both software and hardware, enabling mobile access to mission critical information with automated data capture and traceability in real time. Optidev has 85 employees working from its offices in Sweden, Norway and Denmark. The company was founded in 2000.
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2020
Advisor to
on the acquisition of
2019
Advisor to
backed by
on the merger between
and Proximo Norge
The deal:
Nordhaven acted as exclusive financial advisor to Kistefos/NexGenTel in the merger between Proximo Norge AS and Bitpro AS

IT management services firm Bitpro AS to merge with the Tech player Proximo Norge AS. The transaction is the first step in the strategy to build a leading supplier of cloud-based IT communication and security solutions.

Total revenue 2019 of the two companies will amount to MNOK 260 with profitable margins. Kistefos will maintain as majority owner with an 84.8% stake. Shareholders of Bitpro will reinvest large parts of their proceeds and majority seller Trond Bjorvand will enter as new CEO of merged entity January 2020.

«Proximo and Bitpro will continue building on our extensive growth potential after the merger, in addition to realizing synergies between the two. Our continuous efforts in helping client implementing and utilizing modern cloud solutions as part of their daily business processes will be a key focus going forward» says Trond Bjorvand.

About Proximo
B2B vendor of broadband, datacom and telephony.
11 000 customers served by 40 employees located in Bergen and Oslo. Subsidiary of NextGenTel owned by Kistefos.

About Bitpro
National supplier of B2B cloud-based IT management services located in Kristiansand. Among others the first supplier in Norway of Private Cloud solutions from inhouse data centers in 2008. 150 clients served by 20 skilled employees.
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2019
Advisor to
backed by
on the merger between
and Proximo Norge
2019
Advisor to
on the sale to
The deal:
Norvestor backed 4Service strengthens their offering within the premium business canteen segment by acquiring bRest. Nordhaven Corporate Finance acted as sole financial advisor to the shareholders of bRest in their sale of shares and reinvestment in 4Service.

bRest is a well renowned high-end business canteen provider serving the greater part of Oslo. With their core focus on high quality ingredients, food and people they quickly established themselves as a leading player within the premium segment. Today the firm consists of 90 employees and a stable portfolio of highly satisfied customers delivering in excess of MNOK 100 in revenue.

“4Service has within its 9-year history taken a leading position within the facility management industry. With this acquisition we further strengthen our position within the premium canteen segment. In addition, the bRest team with its long track record and high competence will add significant value to our organization as a whole and to our core management team. Product diversification is a core part of our strategy, and with the addition of bRest we are able to increase this even more providing tailored solutions to each client.” – Tor Rønhovde (4Service)

4Service was established in late 2010 by leading characters from the industry. Their core ambition is to offer their clients better products and service than else ware in the industry. Today the group staffs 2 400 dedicated employees and generates in excess of MNOK 1 500 in revenue. The group is owned by the private equity fund Norvestor and the employees

Completion pending on evaluation by the authorities.
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2019
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on the sale to
2018
Advisor to
on the sale to
The deal:
Nordhaven Corporate Finance advised the owners in Sherpa Consulting on the sale to listed Nordic consolidator Atea ASA (ATEA:NO). Sherpa Consulting is one of the largest independent providers of business intelligence and data analytics in Norway.

“As organizations digitalize and store ever more information in their IT systems, they are creating opportunities for real-time intelligence and innovation on a scale which they are only just starting to realize,” explained Michael Jacobs, Managing Director of Atea Norway. “Atea aims to be at the forefront of enabling customers to derive insights and enhance their operations based on the information they now control.”

“Through the acquisition of Sherpa, we are expanding our team to better serve our customers’ growing needs for consulting and support in business intelligence and data analytics. After the acquisition, we will have approximately 100 consultants in Norway specialized in these areas. These consultants are actively engaged with customers on many cutting edge projects," says Michael Jacobs, Managing Director Atea AS.

“We are tremendously excited about the market opportunities which joining an industry leader like Atea will bring,” commented Sigbjørn Høgne, CEO of Sherpa Consulting AS. “Atea is by far the largest provider of IT infrastructure solutions in Norway, and is a trusted adviser for many of the largest companies and public sector organizations in the country.”
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2018
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on the sale to
2018
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on the sale to
The deal:
We advised Egil Verne on the sale to Axel Johnson International. Egil Verne is a distributor of vehicle components to the Norwegian market with sales of about NOK100m (€9.6m) and EBITDA of NOK27m (€2.8m). The Enterprise Value of the transaction was NOK176m (€18m) implying EV/EBITDA of 6.5x.

Axel Johnson is a Swedish family business that builds and develops trade and service businesses in the European market. Its Transport Solutions business group comprises leading European providers of cargo securing solutions and vehicle components and had sales of €150m in 2017.

Verne was established in 1950 and it focuses on lighting and electrical vehicle components.

“Becoming a part of Axel Johnson International will allow us to widen our product range and strengthen our market concept. Verne’s knowledge of the Norwegian market combined with Axel Johnson International know-how of the industry and financial strength will give us strong support for future development” says Arno Berg, CEO and sole shareholder of Verne.
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2018
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on the sale to
2017
Advisor to
on the sale to
The deal:
Herkules Private Equity Fund IV has acquired a majority share of Eterni Gruppen AS. Eterni is one of Norway’s leading temporary staffing service companies.

Herkules Fund IV has entered into an agreement to acquire the majority of the shares of Eterni Gruppen AS. The management will re-invest and retain a minority stake in the company. The closing of the transaction took place on 20 December 2017.

Founded in 2011 by Rune Myrseth, Eterni is one of the leading temporary staffing service companies in Norway. Over the past 5 years, Eterni has taken significant market shares and in 2016, the company was ranked the 6th largest staffing service company in Norway. The company is headquartered in Bergen, Norway, with additional sales offices in Oslo and Trondheim, and sourcing offices in Poland, Lithuania and Slovakia. Eterni has 37 employees and approximately 800 temporary workers on contract for clients. Eterni mainly serves two key industry verticals; the construction industry and the fish and food processing industry. Eterni’s management team has long experience from the industry and has established a highly commercial corporate culture. Eterni had revenues of NOK 355 million and an EBITA of NOK 22 million in 2016.

“Eterni is one of the leading providers of temporary staffing services in Norway. Together with the management team and all the employees we believe there is great potential to continue growing the business.” says Gaute Gillebo, partner at Herkules Capital.
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2017
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on the sale to
2017
Advisor to
on the sale to
The deal:
We advised the owners of TrafikkDirigering AS in the sale to Saferoad Holding ASA.
TrafikkDirigering is a leading player in the Norwegian market for work zone protection services and had revenue of NOK 92 Million in 2016. Saferoad is a leading supplier of road safety and road infrastructure solutions in Europe.
“TrafikkDirigering’s deep expertise and innovative solutions in work zone protection services will expand and further strengthen our offering and reinforce our leading position in the Norwegian road safety and work zone protection market”, says Morten Holum, CEO in Saferoad.
“With the support of Saferoad, we look forward to taking additional steps in work zone protection and road work safety. This will give us a more robust platform, both administratively and financially, and give our employees new and exciting development opportunities. Joining forces with Saferoad will enable us to offer our customers a unique range of products and services nationwide”, says Kåre Høitomt, Managing Director in TrafikkDirigering.
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2017
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on the sale to
2017
Advisor to
on the sale to
The deal:
We advised the owners of Feelgood Scene Film og TV AS in the sale to Monday Media
Monday Media acquires the majority shareholding from Sony Music Norway and other minority owners. Feelgood is the leading comedy production company in Norway featuring titles like Helt Perfekt and Neste Sommer, as well as several established successes in scripted comedy and several studio comedy programs.
Monday Media is the largest independent television production company in Scandinavia. Based in Denmark, the group already has several production companies in Norway, such as Monday Production, Monday Sport, Teddy TV, Norsk Fjernsyn and the recently launched Monday Scripted.
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2017
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on the sale to
2017
Advisor to
on the sale of
to
The deal:
VG acquires Tek.no and strengthens its position within consumer Technology.
VG (owned by listed Norwegian media company Schibsted) has entered into an agreement to purchase the website Tek.no from TU Media. With this acquisition, VG expands its niche portfolio, which already consists of strong brands in food, fashion and lifestyle.
“VG is Norway's largest news website. Our ambition is to provide users with an even wider offer in the years to come. The acquisition of Tek.no gives us not only access to the country's best technology journalism, but also a highly competent professional environment that can help further develop our other niches. With Tek.no in the portfolio, VG will position itself as the leading media house in consumer technology for the benefit of both readers and our advertisers", says Gard Steiro, Managing Director and CEO of VG.
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2017
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2016
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on the sale to
The deal:
We advised Autoklinikka group and its owners in the sale of Autoklinikka to funds managed by the Swedish private equity investor Procuritas Partners. As a result of the transaction, Finland’s biggest independent auto body repair company was combined with the Swedish Werksta chain which was formed by Procuritas in 2015. In 2015, Autoklinikka group generated revenues of 18.4 million euros.
We benefitted greatly from Nordhaven’s experience and tactical knowhow in all phases of the professionally managed M&A process. Nordhaven’s team generated significant value added in the transaction and the owners are very satisfied with the results”, Patrik Puskala, Managing Director, Autoklinikka-yhtiöt Oy
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2016
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2016
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The deal:
Phonero has acquired 100% of the shares in its competitor Mobitalk
The acquisition expands Phonero’s distribution and local presence in the western part of Norway.  Following the transaction, Phonero will have more than 250,000 subscribers in the B2B market and revenues in excess of NOK 1.1 billion.
 
Mobitalk operates in the same market as Phonero and has achieved a strong position in its region, especially within the maritime sector. The company has more than 10,000 subscribers in the B2B market and similar to Phonero, has a strong focus on customer service and efficient telecommunication solutions, says Thore Berthelsen, CEO of Phonero.
 
Berthelsen believes the acquisition of Mobitalk makes sense strategically. There is a strong geographical fit, and Mobitalk’s customers will get access to new and advanced features in Phonero’s product portfolio.
 
Founder and CEO of Mobitalk, Christian Pritchard is pleased with the new owner. The market is consolidating and a sale to Phonero feels like the right thing to do, after building the company for nearly 10 years. Post transaction, Mr. Pritchard will take on the role as regional director of Phonero responsible for Møre og Romsdal and Sogn og Fjordane.
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2016
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2015
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on the sale to
The deal:
We advised the founder and shareholder of House of Control in the sale of 55% of the shares to Viking Venture.
The House of Control software suite enables businesses and public administration to improve their control of operational costs and liabilities. Viking Venture invests in House of Control to accelerate the company’s rapid expansion in the Nordic market. The Viking Venture team has extensive experience in developing business to business software-as-a-service companies.
"The combination of rapid growth and strong profitability in an IT company is what makes House of Control unique as an investment. The company has entered into a very promising part of the market and created robust technical solutions. Their ability to innovate is translated into rapid growth and strong profitability through what in our opinion is a unique commercial culture", says Viking Venture partner Jostein Vik.
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2015
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2014
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on the acquisition of
The deal:
MOBILE SERVICE PROVIDER PHONERO, JOINTLY ADVISED BY NORDHAVEN AND DNB MARKETS, ACQUIRES ITS LARGER COMPETITOR VENTELO

The combined entity will have revenues in excess of NOK 1 billion and become the largest competitor to Telenor within the business mobile phone market according to Thore Berthelsen, CEO of Phonero.

“Since establishment in 2008, Phonero has steadily increased its market share in the Norwegian business market. The acquisition of Ventelo will represent a large step-up for Phonero as Ventelo is more than double its size. In this sector, a high volume goes hand in hand with profitability. The acquisition enables us to instantly increase our volume significantly”, says Berthelsen.

“The companies complement each other. Ventelo has been successful within the public sector, Phonero in the private sector. Ventelo is skilled within technology and proprietary services, whereas Phonero has expertise within customer applications and telephony services. I look forward to working together with the Ventelo team to create even better products and services for our customers”, says Berthelsen.

“Our ambition has always been to grow. Ventelo represents our first acquisition of mobile customers. Going forward, we will continue to grow organically whilst looking for potential new candidates to acquire”, Berthelsen declares.

Phonero’s majority owner Kistefos is very pleased with the investment in Phonero, and is happy to take part in Phonero shifting from organic to strategic growth. “Together with Phonero’s management we see the opportunity to create an even stronger contender in the Norwegian telephony market”, says Gunnar Jacobsen, Investment Director in Kistefos.

ABOUT VENTELO
Ventelo is one of Norway’s leading providers of complete fixed- and mobile telephony services to the private and public sector. Ventelo is headquartered in Kristiansand with regional offices in Oslo, Trondheim and Bergen. In 2013, Ventelo had revenues of NOK 784 million.

ABOUT PHONERO
Phonero was established in 2008 and provides cost-efficient telephony services to the business market. The company is headquartered in Kristiansand with regional offices in Oslo, Stavanger, Bergen and Trondheim. In 2013, Phonero had revenues of NOK 318 million.
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2014
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2014
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on the sale to
The deal:
Bravida, Norways and Scandinavias leading supplier of technical installation and service solutions, has signed an agreement to acquire Otera Elektro from the Otera Group, which is wholly owned by Agder Energi. The Bravida Group thereby continues its expansion in the Norwegian market.

Otera Elektro AS has approximately 340 employees and a turnover of about NOK 500 million in 2013 and is one of the largest pure play electrical installation and service companies in the Norwegian market. The company delivers electro installations, as well as automation and instrumentation solutions to the construction projects, industry and to the oil and maritime sector. Otera Elektro is located in Kristiansand, Bergen and Asker, and delivers services throughout Norway.

"The acquisition of Otera Elektro should be seen as an aggressive effort from our side and is part of efforts to further strengthen us in electro. The experience and expertise of the company, especially regarding solutions for the oil and marine industry, will immediately strengthen our expertise and competitiveness in this important and growing market", says Mattias Johansson, responsible for Bravidas activities in Norway.

"We are pleased to hand over the ownership and further development of Otera Elektro to Bravida. This is in line with Otera’s strategy to focus on core activities. Bravida has a clearly stated growth strategy for installation and services solutions and the employees of Otera Elektro will become an important part of that push forward", comments Hans Jakob Epland, Managing Director of Otera AS.

Terje Borch, CEO of Otera Elektro, is also very pleased to have a new industrial owner in Bravida.

"They have expressed that the employees of Otera Elektro is an important resource for them and I am convinced that the new owners will contribute to a positive development for the company", comments Mr Borch.

Bravida Norway has previously acquired Siemens Installation AS (2009) in addition to a number of smaller acquisitions. The Bravida Group has approximately 2,000 employees in 25 locations in Norway and is a leading player in the Norwegian installation and service solutions market.

The acquisition requires approval from the Norwegian competition authorities.

ABOUT BRAVIDA
Bravida is Scandinavia’s premier integrated supplier of technical installation and service solutions for buildings and plants. Bravida offers specialist expertise and integrated solutions in electrical installations, heating & plumbing and HVAC. In these three areas of technology Bravida operates at all stages of the installation – from advice and project planning to installation and service.

With 8 000 employees and net sales of about 11 000 MSEK Bravida has a strong position in the Scandinavian building services market. Thanks to our local presence in 150 locations in Sweden, Norway and Denmark, Bravida always operate close to the customer. Thanks to its size, Bravida also has the capacity required to carry out major and complex projects without geographic limitation.

Since July 31 2012 Bravida AB is owned by the private investment firm Bain Capital.

For more information please visit www.bravida.com
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2014
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on the sale to
2014
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on the sale to
The deal:
ØKONOMIBISTAND ACQUIRES CRM INSIGHT FROM PRIVATE EQUITY BACKED CRAYON GROUP
CRM Insight is a leading Norwegian consulting company within CRM solutions and implements large and medium sized CRM projects based on the industry leading tools Microsoft Dynamics CRM and SuperOffice CRM. CRM Insight is a Microsoft Dynamics Gold Certified Partner and SuperOffice Platinum Partner.

CRM Insight is part of Crayon Group with key management as minority shareholders.

ØkonomiBistand plans to continue to grow within the CRM field, by leveraging the competence and experience of CRM Insight in offering new services to existing customers as well as continue to serve and grow the CRM Insight customer base.

More information about CRM Insight on www.crminsight.no

ABOUT ØKONOMIBISTAND
Økonomibistand Group is a fast growing Visma ERP software partner within the main areas of accounting, logistics systems, CRM and payroll. The Group is also a major player in financial and accounting services with 16 branch offices in Norway and Sweden.

ABOUT CRAYON GROUP
Crayon Group has become one of the leading volume license partners for a range of software manufacturers. It offers licenses from Microsoft, Adobe, Symantec, Citrix, VMware, Oracle, IBM and others. The company has approximately 600 employees and 2013 revenues of approximately 340 MEUR. Its head office is in Oslo, Norway with branches in Sweden, Denmark, Finland, Germany, France, Great Britain, The Netherlands, Iceland , United Arab Emirates, Kuwait, Bahrain, Qatar, Oman and Yemen. Crayon Group was the Microsoft Global Software Asset Management Partner of the Year in 2013.

In addition to the SAM and licensing business Crayon also runs a consulting business, which is regarded as a natural complementary and value-adding service to the license advisory service.

Crayon was acquired by Norvestor Equity in 2012 in Public-to-Private transaction on the Oslo Stock Exchange.
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2014
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